Facebook Inc (FB) Chief Technology Officer Mike Schroepfer, who has been with the Cupertino, California-based company for 13 years, is stepping down from his role at the social media company sometime next year.

What Happened: Schroepfer, who was overseeing artificial intelligence, virtual reality, and blockchain at Facebook, revealed in a social media post that Andrew Bosworth will take over the CTO role at the company.

Schroepfer will don the role of a senior fellow sometime in 2022 and work on recruiting talent and developing technical talent and fostering the company's artificial intelligence investments, Facebook said in a filing on Wednesday.

No compensation details have been arranged yet.

Why It Matters: Schroepfer tweeted that he will stick around to help with the transition and that he is “still incredibly optimistic about the potential for AI and AR/VR” to improve the lives of people every day. 

The development comes at a time when the social media network has been criticized over misinformation and content moderation. Schroepfer’s departure from the role also follows some of the recent key exits. 

Price Action: Facebook shares closed 3.99% lower at $343.21 on Wednesday.