Meta's Corporate Development Head Amin Zoufonoun Stepping Down After 12 Years

Meta's top executive Amin Zoufonoun, who led Facebook's acquisitions of Instagram, WhatsApp, and Oculus, has confirmed that he is leaving.

Amin Zoufonoun said he wants to take a break for a bit.

Meta's top executive Amin Zoufonoun, who led Facebook's acquisitions of Instagram, WhatsApp, and Oculus, has confirmed that he is leaving the tech giant after 12 years. In a Facebook post, Zoufonoun, designated Vice President of Corporate Development at Facebook, wrote: "Leading the corporate development function here has been the opportunity of a lifetime".

"After almost 12 incredibly fulfilling years at Meta/Facebook, I have decided to leave the company," according to Zoufonoun.

"From leading acquisitions such as Instagram, Whatsapp and Oculus, to working on many other industry-defining strategic initiatives alongside world-class leadership, to building a stellar team who inspires me every day, I could not have asked for a better experience - which is why I have been at it for quite a while," he added.

He mentioned that strategic technology deal work is pretty intense, and he has been doing it for close to two decades now, which is why he wants to take a break for a bit.

"Whatever that ends up being, it is hard right now to imagine anything topping this journey, for which I will always have tremendous pride and gratitude," Zoufonun said.

"I will miss many things, and perhaps above all, the friends and colleagues who have made even some of the most challenging moments of my career also some of the most rewarding and fun," he added.

Meanwhile, the Competition and Markets Authority (CMA) in the UK has recently ordered Meta (formerly Facebook) to sell off online database and search engine Giphy it acquired for $315 million.

The competition watchdog found that Meta's takeover of Giphy could allow it to limit other social media platforms' access to GIFs, making those sites less attractive to users and less competitive.

It also found the deal has removed Giphy as a potential challenger in the UK display advertising market, preventing businesses from benefiting from innovation in this market.

Meta, disappointed by the decision, said it will accept the ruling.

"We are disappointed by the CMA's decision but accept today's ruling as the final word on the matter. We will work closely with the CMA on divesting Giphy," a company spokesperson said in a statement.