Mr Taylor said he was “sad to be leaving, but I’m excited to be starting a [new] company”.
Facebook founder Mark Zuckerberg said he had enjoyed working with Mr Taylor and was “grateful for all he has done for Facebook and proud of what he and his teams have built.”
Last month, Facebook floated part of the company on the Nasdaq stock exchange, making many of its employees millionaires overnight.
Observers speculated at the time that some would move on to other things.
Facebook shares have fallen sharply since the flotation to $30, 21% down on the launch price of $38.