Facebook Creates Blockchain Team in Major Company Shakeup

Facebook Creates Blockchain Team in Major Company Shakeup

Facebook Creates Blockchain Team in Major Company Shakeup

Two other executives, Chief Technology Officer Mike Schroepfer and Vice President of Growth Javier Olivan, will oversee other consolidated divisions, one related to "new platforms and infrastructure" and another for centralized services such as the ads system. However, given the current applications of blockchain technology, there are plenty of directions that Marcus and his team could go.

There's a massive shake-up afoot at Facebook.

According to Recode, these latest changes at Facebook represent the "biggest executive shakeup in its 15-year history".

A Facebook spokesperson confirmed the news of the re-organisation to Business Insider.

"Facebook is also building a new team dedicated to Blockchain technology". He also departed Facebook, leaving almost $1 billion in unvested stock on the table.

Koum's departure and Tuesday's shuffle come as Facebook is reeling from a data scandal that affected tens of millions of Facebook users when the political firm Cambridge Analytica exploited a loophole on the social media platform.

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Photo As Facebook's chief product officer, Chris Cox will oversee key products, including the social network itself, Instagram, Messenger and WhatsApp.

Koum said in a post on his Facebook page that he is taking time off to pursue interests such as collecting air-cooled Porsches, working on cars and playing ultimate Frisbee. Andrew Bosworth will oversee AR and VR, while Jerome Pesenti is leading AI. Jerome Pesenti is in charge of AI.

The former head of Messenger, David Marcus, will now lead the company's new blockchain initiative. Those three sections are being led by Mark Rabkin, Alex Schultz, and Naomi Gleit respectively.

The company also reportedly split up its product and engineering departments into three divisions.

United States media reports indicated that a disagreement with Facebook over the privacy of user data may have also been a factor in Koum's decision to quit his position as a high-ranking executive and likely leave his seat on the board at the leading online social network. "Jeff's experience will help us navigate the challenges we face", Facebook CEO Mark Zuckerberg said in a separate post, on Tuesday.

Do you work for Facebook? The 33-year-old CEO did not address the broader restructuring.

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