The change, which was reported by Bloomberg and CNBC, is set to take place effective May 10. Spillane had been with the company for over four years, seeing the company through its IPO last year. Athwal has worked at Facebook for more than five years and was formerly Director of Revenue at Yahoo.
Spillane made headlines in recent months as he sold off portions of his stake in Facebook. He sold 256,000 shares last November and another 60,000 units in January. As of April 15, he had about 160,000 shares remaining.
Facebook reported on Wednesday a mixed first quarter with $1.46 billion in revenue and $0.12 earnings per share. Mobile ad revenue increased to 30 percent, or $375 million, of the overall advertising revenue and mobile users again outnumbered PC users.
The social networking site now has 1.11 billion monthly users, 751 million of which sign on from mobile devices.
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