$1 billion messaging startup Tango has replaced its CEO

Mobile messaging service Tango announced an executive suite shuffle that will see one cofounder replace the other as CEO.

Uri Haz, who cofounded Tango in 2009 and has served as its CEO, will become Executive Chairman, the company announced on Wednesday. Eric Setton, Tango's other cofounder who has until now served as the CTO, will take the CEO reins.

Tango said that Raz will continue to provide counsel to the management team in his new role while focusing on corporate development and playing an important role on "strategic accounts."

The CEO switch is the latest change at Tango, which raised hundreds of millions of dollars from big backers like Alibaba, and is valued at more than $1 billion, according to CB Insights.

In November, Tango reportedly laid off 9% of its staff in the wake of a failed effort to branch into ecommerce.

Tango said in Wednesday's CEO announcement that it has 350 million registered users, up from the 300 million users it announced in May.