Instagram Co-Founders Call it Quits

The co-founders of Instagram, Kevin Systrom and Mike Krieger, are stepping down amid growing frustration with Facebook CEO Mark Zuckerberg. Facebook bought Instagram in 2012 for $1 billion.

Facebook announced its new head of Instagram on Monday, and it's long-time executive Adam Mosseri. The former head of News Feed was named VP of Product overseeing Instagram earlier this year. Last week Kevin Systrom and Mike Krieger announced they were photo-sharing app they founded, six years after being brought under the Facebook umbrella for about $1 billion.

Kevin Systrom and Mike Krieger, who launched the photo-sharing app in 2010, have resigned and will leave the company in the coming weeks, according to the New York Times. The news is the latest blow for Facebook, which bought Instagram in 2012 for $1 billion. The app has been a bright point for the company, with a billion monthly active users as of June. Tune in to Cheddar Tuesday morning for the latest.