Writing on his Facebook page today (June 15), Taylor shared that he will be working on a startup with friend Kevin Gibbs, a senior software engineer at Google.
"I wanted to let you all know that I'll be leaving Facebook later this summer. I'm sad to be leaving, but I'm excited to be starting a company with my friend Kevin Gibbs."
Taylor teased upcoming Facebook projects in the post before thanking colleagues and Facebook founder Mark Zuckerberg.
"I'm very proud of our recent accomplishments in our platform and mobile products," he said. "I'm even more excited for the world to see all the amazing things these teams have coming.
"I've learned more than I ever imagined in my time at Facebook. I'm also extremely grateful for my relationship with all of the amazing people I've worked with here.
"I want to give a special thanks to Mark Zuckerberg. You've not only been my boss for the past three years, but my mentor and one of my closest friends."
Speaking to AllThingsD, Taylor explained that Zuckerberg was aware of his interest in leaving to pursue a startup.
"I had always been upfront with Mark that I eventually wanted to do another start-up. And we felt now is the best time after the IPO and the launch of some recent things for me to do that."
Details of the upcoming project have not yet been revealed.
Facebook was recently served with another lawsuit related to its troubled initial public offering (IPO) as the social network's share price continued to slide.
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