Facebook sets $6 billion buyback; accounting chief to leave

The logo of Facebook is seen at the Cannes Lions Festival in Cannes

(Reuters) – Social media giant Facebook Inc <FB.O> on Friday set a $6 billion buyback program for its Class A shares, beginning in the first quarter of 2017.

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

The company also said Chief Accounting Officer Jas Athwal had resigned, effective Feb. 17. (http://bit.ly/2fcxJoA) (http://bit.ly/2fE2wvw)

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

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

(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)