Instagram’s founders Kevin Systrom and Mike Krieger are leaving the company, which Facebook acquired in 2012 for $1 billion, reportedly due to disagreements with CEO Mark Zuckerberg.

In a statement, Systrom said he and Kreiger were “ready for our next chapter” and will take some time 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”.

The founders added they “remain excited for the future of Instagram and Facebook in the coming years” and are looking forward to “watching what these innovative and extraordinary companies do next.”

A Bloomberg report stated Systrom and Krieger had been running the product independently from Facebook while taking advantage of the parent company’s infrastructure and resources. However, as of late, they were unhappy with Zuckerberg’s involvement in day-to-day matters.

The news outlet quoted sources as saying Instagram, arguably one of Facebook’s most succesful acquisitions, is likely to become more tightly integrated with the social media giant.

Zuckerberg said in a statement the co-founders “are extraordinary product leaders and Instagram reflects their combined creative talents”.

“I wish them all the best and I’m looking forward to seeing what they build next.”

Facebook lost another executive from its popular acquisitions earlier this year when WhatsApp co-founder Jan Koum stepped down, reportedly due to clashes with parent Facebook over user data, encryption and how to monetise the messaging app.