As per recent reports, it has been revealed that after a major setback faced by Facebook four weeks earlier in the form of its IPO, Facebook is set to face another setback in terms of losing a top official.

It has been reported that top executives, Chief Technology Officer Bret Taylor has declared that he will be resigning from the company. Further, he has declared that he will be collaborating with Kevin Gibbs, this year to start a new company.

It has been recovered that Kevin Gibbs is an engineer at Google Inc. Further, even a spokesman from Google has assured that Mr. Gibbs will be resigning from his post he held at Mountain View Company.

Facebook exclaimed that their top official has declared to leave his post at the time, when it is facing major problems and trying to tackle the situation by increasing products and services to encourage more creators and users to be a part of the site.

A spokesman for Facebook said, "Since its IPO May 17, when it raised $16 billion, Facebook's shares have tumbled on concerns ad revenue growth won't keep pace with membership growth as more users access the service on mobile phones".