Facebook is doing a $6 billion stock buyback

Facebook is buying back $6 billion of its stock from shareholders, the company announced in a SEC filing on Friday. “The repurchase program will go into effect in the first quarter of 2017,” per the filing.

Facebook also announced that its chief accounting officer is retiring in a separate filing:

“On November 14, 2016, Jas Athwal notified Facebook, Inc. (the “Company”) of his decision to resign from his position as the Company’s Chief Accounting Officer (“CAO”) after nearly nine years with the Company. Mr. Athwal’s resignation will be effective February 17, 2017. Mr. Athwal will continue to serve as the Company’s CAO until that date, during which time the Company expects to complete its year-end audit and file its Annual Report on Form 10-K. In the meantime, the Company plans to launch a search for a new CAO, and Mr. Athwal will assist with the transition.”

We’ve reached out to Facebook for comment.

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!

NOW WATCH: Scientists have discovered why American honey bees are turning into zombies

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.