Facebook's chief technical officer Bret Taylor on Friday said that he is leaving the world's leading social network to start a new company with a friend.
“I wanted to let you all know that I'll be leaving Facebook later this summer. I'm sad to be leaving, but I'm excited to be starting a company with my friend Kevin Gibb” he said in a statement.
“While a transition like this is never easy, I'm extremely confident in the teams and leadership we have in place. I'm very proud of our recent accomplishments in our platform and mobile products, from Open Graph and App Center to Facebook Camera and our iOS integration. I'm even more excited for the world to see all the amazing things these teams have coming”, he said.
Facebook CEO Mark Zuckerberg on the development said, "I've really enjoyed working with Bret and getting to know him as a friend and teammate. I'm grateful for all he has done for Facebook and I'm proud of what he and his teams have built. I'm also proud that we have a culture where great entrepreneurs like Bret join us and have such a big impact."
According to CNET, Taylor came to Facebook though an acquisition. He was the co-founder and CEO of FriendFeed, which aggregated social network feeds. Facebook bought the company in 2009 for about $50 million. FriendFeed grew out of work he did while an Entrepreneur in Residence at Benchmark Capital. Before joining Benchmark, Taylor was a product manager at Google, where he co-created Google Maps and Google Local.
According to San Francisco Chronicle, the news of Taylor's departure came the same day that more information about Facebook's IPO came to light in newly released correspondence with the U.S. Securities and Exchange Commission.
Facebook, which has lost $22.5 billion in market value since its initial public offering, told regulators before its debut that the proposed price range reflected the fair value estimated earlier this year.
It set a proposed IPO price range of $28 to $35 a share on April 25, based on a projected fair value of $30.89, according to the SEC correspondence.