Cryptocurrency & Blockchain Business

Facebook Reorganizes Into 3 Divisions Adding Blockchain Group

The most significant reorganization in Facebook’s 14-year history will divide it into three divisions, including a new blockchain group and fortified security.

The shakeup, first reported by Recode, creates three main units: A “family of apps” group covering Facebook, InstagramWhatsApp and Messenger led by Chief Product Officer Chris Cox, who appears to have gained the most authority under the reshuffling; “new platforms and infra,” headed by Chief Technology OfficerMike Schroepfer, that includes AR/VR, artificial intelligence and a new team dedicated to blockchain technology; and “central product services” that covers ads, security and growth, managed by Javier Olivan, the company’s vice president of growth.

Recode cited multiple unnamed sources.

Facebook spokeswoman Bertie Thomson confirmed the changes to Barron’s in an email message.

The moves come in the wake of Chief Executive Mark Zuckerberg’s vow to make changes to better protect the data of Facebook’s 2.2 billion monthly active users following criticisms of the company’s role in the 2016 presidential election, manipulation of the social-networking site by Russian operatives and the Cambridge Analytica privacy scandal.

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