Facebook sets $6 billion buyback; accounting chief to leave

November 18, 2016 4:33 PM EST

The logo of Facebook is seen at the Cannes Lions Festival in Cannes, France on June 23, 2016. REUTERS/Eric Gaillard/File Photo

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(Reuters) - Social media giant Facebook Inc (NASDAQ: FB) on Friday set a $6 billion buyback program for its Class A shares, beginning in the first quarter of 2017.

Facebook's shares were up 1.1 percent at $118.24 in after-hours trading. The company had a market value of about $337 billion at close.

The company also said Chief Accounting Officer Jas Athwal had resigned, effective Feb. 17. (http://bit.ly/2fcxJoA) (http://bit.ly/2fE2wvw)

Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo Inc (NASDAQ: YHOO).

The company said it planned to launch a search for a replacement.

(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)

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