Wall Street analysts are watching Facebook closely as it works to transform its core businesses.
Facebook Inc. FB -0.17% is trying to re-engineer its business and business-to-business messaging.
The Wall St. Journal reported Wednesday that Facebook’s Chief Financial Officer, Marc Benioff, will take over as CEO.
Benioef is expected to work closely with the board as it develops new business models and new ideas, the report said.
Facebook is also working to reduce the burden of paying out the $2.6 billion it owes to investors as a result of a 2012 stock split.
In November, the company also agreed to pay $1 billion to settle a lawsuit it brought against investors after a judge ruled that Facebook should have disclosed the size of the share price discrepancy to investors.
Ben.coffs decision to step down comes as he continues to lead the company.
is the third-highest-ranking executive in Facebook history.
He has led the company through several tough financial times, including a massive stock buyback in 2016.
Facebook has spent years building its social network and its Messenger app, both of which have struggled to catch up with messaging services like Snapchat Inc. and Apple Inc. Facebook, which has more than a billion users worldwide, has struggled to keep pace with competitors like WhatsApp and Snapchat, which have gained a large share of users.
In May, Facebook bought Instagram for $1.4 billion, bringing its total acquisition of mobile messaging service providers to $13 billion.
Facebook also is working to expand Messenger into other areas, including video, the WSJ reported.
It is working with Snapchat and other companies to bring its apps and services to more phones and more platforms.
Facebook shares closed up 0.2% at $27.40 in early trade.