Facebook Gets Some BAD NEWS

In some bad news at a critical time, Facebook’s (NASDAQ:FB) chief technology officer, Bret Taylor, has announced he will leave the company later this summer. Taylor said he has plans to start a new company with Kevin Gibbs, whose departure from Google (NASDAQ:GOOG) has also been confirmed.

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“I’ve learned more than I ever imagined in my time at Facebook,” Taylor said on his Facebook page on Friday. “I’m also extremely grateful for my relationship with all of the amazing people I’ve worked with here.”

Taylor joined the company four years ago after his social networking venture called FriendFeed was bought by Facebook. Taylor and three other Google employees had started FriendFeed as a service that let people post videos and updates from other sites.

“While a transition like this is never easy, I’m extremely confident in the teams and leadership we have in place,” Taylor added about his departure. “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 want to give a special thanks to Mark Zuckerberg. You’ve not only been my boss for the past three years, but my mentor and one of my closest friends.”

Taylor was at Apple’s (NASDAQ:AAPL) Worldwide Developer Conference last week to talk about how Facebook will integrate with iOS. His departure will be the cause of some concern as Taylor has been in charge of both platform and mobile efforts at Facebook. Mobile is seen as one of the most critical areas of development for the newly public company that is working on adding new revenue streams. Facebook has been trying to improve its products and services at an urgent pace since its May 17 IPO where it raised $16 billion. However, the company’s shares have tumbled since, as concerns regarding advertisement revenue growth as more users access the social network through their mobile devices rise.

Mike Vernal and Cory Ondrejka are expected to take over platform and mobile responsibilities at the social network, respectively, according to AllThingsD.

“I’ve really enjoyed working with Bret and getting to know him as a friend and teammate,” Facebook chief executive Mark Zuckerberg said in a statement. “I’m grateful for all he has done for Facebook, and I’m proud of what he and his teams have built.”

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