New York (CNN Business) Instagram has a new leader.

On Monday, the company announced that Adam Mosseri will head Instagram effective immediately. Last week, Instagram founders Kevin Systrom and Mike Krieger announced they would leave the company.

"We are thrilled to hand over the reins to a product leader with a strong design background and a focus on craft and simplicity — as well as a deep understanding of the importance of community," Systrom and Krieger said in a statement.

Mosseri -- who joined Facebook, which owns Instagram, in 2008 -- has held various roles at the company, including head of News Feed and design director for Facebook's mobile apps. Most recently, he was Instagram's VP of product. In his new role, Mosseri will oversee "all functions of the business" and will hire a new executive team, including a head of engineering, product and operations.

Mike Krieger, Adam Mosseri and Kevin Systrom.

Before their departures, Systrom was CEO and Krieger was the chief technology officer.

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