Co-founders of Instagram Kevin Systrom and Mike Krieger have resigned as chief executive officer and technical officer and plans to leave the photo sharing app company in coming years.

Systrom and Krieger did not give a reason for their resignation, adding that they planned to take time off after leaving Instagram.

They have notified the photo-sharing app's leadership team and Facebook on Monday about their decision to leave, the newspaper reported, citing people with direct knowledge of the matter.

Facebook bought Instagram for USD 1 billion in 2012. Instagram has more than 1 billion monthly users.

"Building new things requires that we step back, understand what inspires us and match that with what the world needs; that's what we plan to do," Krieger wrote in a corporate blog post.

Facebook CEO Mark Zuckerberg praised the executives in a statement, but he did not elaborate about the departure or who would replace them.

"Kevin and Mike are extraordinary product leaders and Instagram reflects their combined creative talents," Zuckerberg said. "I've learned a lot working with them for the past six years and have really enjoyed it. I wish them all the best and I'm looking forward to seeing what they build next."

(Featured image : Business Insider)