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Instagram co-founders resign

Instagram's co-founders have revealed their plans to leave Facebook and embrace "the next chapter".

The photo sharing app's CEO Kevin Systrom and Chief Technical Officer Mike Krieger have both revealed their decision to executives for both companies as they look to work on another project together.

In a blog post confirming the news, Systrom wrote: "We're planning on taking some time off to explore our curiosity and creativity again.

"Building new things requires that we step back, understand what inspires us and match that with what the world needs; that's what we plan to do."

Instagram was founded in 2010 by the pair of Stanford University graduates, who sold it to Facebook for $1 billion six years ago.

Systrom revealed he and Krieger are excited for the future of the social media networks, and insisted they will still remain users of the service.

He added: "We remain excited for the future of Instagram and Facebook in the coming years as we transition from leaders to two users in a billion. We look forward to watching what these innovative and extraordinary companies do next."

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