Meta CEO Mark Zuckerberg announced that Will Cathcart, the head of WhatsApp, will step down after more than seven years. Meta appoints Kunal Shah, founder of Indian fintech startup Cred, to head WhatsApp. Zuckerberg said Cathcart will move to a new position within Meta and be responsible for developing new products from scratch.
Meta announced on Monday that the long-serving head of WhatsApp is leaving and will be replaced by the founder of Indian fintech startup Cred.
Meta CEO Mark Zuckerberg posted on Facebook that Will Cathcart, who has been in charge of WhatsApp's instant messaging business for more than seven years, will be transferred within the group and will be responsible for "building new products from scratch."
"I look forward to continuing to work closely with him in the future," Zuckerberg said.
A Meta spokesman did not disclose the specific responsibilities of Cathcart's new position.
Cathcart posted on the X platform that WhatsApp is now at the best stage in its development history and it is the right time for him to step down.
Meta spent $19 billion to acquire WhatsApp in 2014, and the app has grown into one of the most popular messaging apps in the world, with more than 3 billion monthly active users.
Last month, Meta successively launched paid subscription services for WhatsApp, Facebook, and Photo Wall, and plans to test new subscription products for its artificial intelligence business. This move is intended to help Meta get rid of its sole reliance on advertising revenue, diversify its revenue, and at the same time make up for the company's huge investment costs in the field of artificial intelligence.
Cathcart is succeeded by Kunal Shah, who founded Cred in 2018. The platform is a credit card payment tool that provides various bonus benefits to users who repay their loans on time.
Zuckerberg commented that Shah has an "entrepreneurial mindset and global vision" and is very suitable to lead WhatsApp's continued development.
Cred officially announced that as a supporting measure for this personnel appointment, Meta will invest US$900 million in the company. After this round of financing, Cred’s post-investment valuation will reach US$4.5 billion.