After privacy slap and with IPO looming, social network names 5 team leaders Facebook confirmed Thursday that it has launched a corporate reorganization around its product development.About a week after the U.S. Federal Trade Commission came down on the social network for not taking better care of users’ privacy, Facebook has gone through a reorganization with an eye toward privacy and better communication, according to industry analysts.“We can confirm that in order to streamline the product development process, we have reorganized our technical teams into product groups” reporting to CEO Mark Zuckerberg, said a Facebook spokeswoman in an email to Computerworld. The company, which reportedly is looking at an early-2012 initial public offering, also named five new team leaders: Bret Taylor, Chris Cox, Greg Badros, Mike Schroepfer and Sam Lessin. On Wednesday, All Things D reported that the new corporate setup more closely links various teams to both privacy and communication leaders. The FTC last week released an eight-count complaint accusing Facebook of violating its promises to users and repeatedly deceiving them by sharing information that users had thought was private. The social network agreed to a proposed settlement, which includes periodic privacy audits for the next 20 years, as well as a promise to get users’ approval before making changes to the way Facebook shares their information.“Facebook is a very young and private company, and it recognized it needed to reorganize to reflect a more responsible and accountable organization,” said Patrick Moorhead, principal analyst with Moor Insights & Strategy. “It was time to grow up, and Facebook hopes this will be part of what helps it accomplish just that. The potential downside is that Facebook adds layers and process, which, for some companies, slows execution and hampers creativity.”Sharon Gaudin covers the Internet and Web 2.0, emerging technologies, and desktop and laptop chips for Computerworld. Follow Sharon on Twitter at @sgaudin, on Google+ or subscribe to Sharon’s RSS feed . Her e-mail address is sgaudin@computerworld.com. Related content news analysis Apple earnings: About that iPhone 'slump' in China Based on information from Thursday's earnings report, it seems that data pointing to an iPhone slump in China were over-baked. By Jonny Evans May 03, 2024 9 mins iMac iPhone Apple news Microsoft begins to phase out ‘classic’ Teams Microsoft is encouraging Teams customers to move to the new, faster version of the collaboration app; the older version will be switched off next year. By Matthew Finnegan May 03, 2024 3 mins Microsoft Teams Collaboration Software Productivity Software news analysis Apple confirms it will open up the iPad in Europe this fall The latest efforts to comply with Europe’s Digital Markets Act mean developers can offer to side load apps to both iPhones and iPads in the EU. Apple has also taken steps to improve what it offers to smaller and non-commercial developers in the By Jonny Evans May 02, 2024 6 mins iPad Apple Mobile Apps news Udacity offers laid-off US workers free access to its courses for 30 days Sign-ups will be available over the next 30 days By Lucas Mearian May 02, 2024 4 mins Technology Industry IT Jobs IT Skills Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe