Meta is replacing longtime WhatsApp head Will Cathcart with Kunal Shah, the founder of Indian fintech startup Cred, according to a report by CNBC. Cathcart is stepping down after more than seven years leading the messaging service to transition into a new role at Meta, where he will build new products from the ground up.
Shah’s appointment coincides with a $900 million investment by Meta into Cred. The funding brings the credit card payments platform's post-money valuation to $4.5 billion. Meta CEO Mark Zuckerberg stated that Shah’s builder mentality and global perspective made him the choice to lead the messaging platform.
The leadership change comes as Meta attempts to diversify its revenue streams beyond digital advertising. The company recently began rolling out subscription plans for WhatsApp, Facebook, and Instagram, and plans to test new subscriptions for its artificial intelligence services to help recoup heavy AI investments.
Cathcart stated that WhatsApp is in its strongest position ever, making it the right moment to step back. Under his tenure, the service grew to more than 3 billion monthly active users after being acquired by Meta for $19 billion in 2014. A Meta spokesperson declined to comment on the specifics of Cathcart’s next role within the company.
Shah founded Cred in 2018 as a platform that rewards users for paying credit card bills on time. He will now manage a messaging service that ranks as one of the most popular global communication tools as Meta pushes further into paid user monetization.