Facebook sets US$6 billion buyback; accounting chief resigns

A man walks past a mural in an office on the Facebook campus in Menlo Park, California. , AP Photo/Jeff Chiu

Narottam Medhora, Reuters

Nov 18, 2016

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Social media giant Facebook Inc on Friday set a US$6 billion buyback program for its Class A shares, beginning in the first quarter of 2017.

Facebook's shares were up 1.1 per cent at US$118.24 in after-hours trading. The company had a market value of about US$337 billion at close.

The company also said Chief Accounting Officer Jas Athwal had resigned, effective Feb. 17.

Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo Inc.

The company said it planned to launch a search for a replacement.