Facebook loses two of its top execs

New York (CNN Business)Facebook is losing two of its top execs a week after laying out plans to reposition itself as a “privacy-focused” social network.

Facebook (FB)

announced Thursday that Chris Cox, most recently its chief product officer, and Chris Daniels, who was in charge of WhatsApp, are both leaving the company.

Shares of Facebook dipped as much as 2% in after hours trading Thursday following the news.

    “While it is sad to lose such great people, this also creates opportunities for more great leaders who are energized about the path ahead to take on new and bigger roles,” Mark Zuckerberg, Facebook’s cofounder and CEO, wrote in a


    announcing the departures.

    Cox, in particular, has been a longtime fixture at the company and Zuckerberg’s right-hand man. He joined Facebook in 2005, shortly after it launched, and helped build the News Feed. As part of a

    broader reorganization

    last year, he was put in charge of Facebook’s “family of apps,” including Instagram, WhatsApp and Messenger.

    In an internal post Thursday announcing his departure, Cox alluded to Facebook’s recently announced plans to put privacy first by emphasizing private, encrypted and ephemeral conversations across its products.

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    “As Mark has outlined, we are turning a new page in our product direction,” he wrote in


    shared on his personal Facebook page. “This will be a big project and we will need leaders who are excited to see the new direction through.”

    In a


    with the Securities and Exchange Commission Thursday, Facebook said Cox intends to leave after a brief transition period.

    For years, Facebook was known for having a remarkably stable executive bench. But in recent months, the company has lost its chief security officer, its top

    policy and communications exec


    both founders

    of Instagram and the

    CEO of WhatsApp


      Daniels, who previously ran Facebook’s affordable internet initiative, only took over WhatsApp less than a year ago, after WhatsApp cofounder Jan Koum stepped down as CEO

      amid a reported clash

      over Facebook’s approach to personal data and encryption.

      The steady drip of executive departures come amid a bruising two year period in which Facebook has faced criticism for its data privacy practices as well as stories about fake news, election meddling and filter bubbles.

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