(Reuters) - Social media giant Facebook Inc (FB.O) on Friday set a $6 billion buyback program for its Class A shares, beginning in the first quarter of 2017.

Facebook's shares were up 1.1 percent at $118.24 in after-hours trading. The company had a market value of about $337 billion at close.

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The company also said Chief Accounting Officer Jas Athwal had resigned, effective Feb. 17. (bit.ly/2fcxJoA) (bit.ly/2fE2wvw)

Athwal has spent nearly nine years at the company and was formerly the director of revenue at Yahoo Inc YHOO.O.

The company said it planned to launch a search for a replacement.

(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)