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Home / Business / Facebook mixes execs, puts on tech behind Bitcoin

Facebook mixes execs, puts on tech behind Bitcoin



  F8 recapitulates: Zuckerberg speaks on Facebook's turbulent year

Facebook shakes up its leadership and relies on the technology behind Bitcoin.

Facebook confirmed on Tuesday that it pushes the executives responsible for its most popular applications and outsources some top talent to new projects such as Blockchain to work.

David Messenger, head of Facebook Messenger, steps back to build a new team in the company focused on Blockchain, a digital public ledger that records transactions for cryptocurrencies.

Marcus, who was CEO of PayPal before joining Facebook, wrote in a post on Tuesday that he would set up a "small group" to "find out how Blockchain can best be used on Facebook."

Chris Daniels, who led Facebook's affordable Internet initiative, takes over WhatsApp after his former CEO [1

949016] Jan Koum announced plans to leave the company last month.

Will Cathcart, VP on Facebook, will run the core Facebook app.

The executives responsible for these apps will now report with Instagram to Chris Cox, who runs a new unit called Family of apps. Cox is a longtime Facebook employee and friend of CEO Mark Zuckerberg,

Recode was the first to report the changes. A spokesman for Facebook confirmed the steps to CNN.

Related: WhatsApp CEO Leaves Facebook

With this comprehensive restructuring, Facebook may seek to pave the way for new products while ensuring more flexible management of its most established services.

WhatsApp, Messenger and the central Facebook app each have more than a billion monthly active users and businesses at different maturity levels.

But the comprehensive reorganization also comes in a sensitive moment for Facebook. The company faces the Cambridge Analytica scandal and regulatory controls on both sides of the Atlantic.

To this end, Facebook also announced Tuesday that Jeffrey Zients, a former Obama official who helped repair Healthcare.gov, joins the board.

"This is an important time for Facebook as we look more closely at our responsibilities," Zuckerberg wrote in a Facebook post on Tuesday. "Jeff's experience will help us master the challenges we face."

CNNMoney (New York) First published May 8, 2018: 6:11 pm ET


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