Ms Egan said Facebook's current privacy settings were spread across 20 different menus and would be consolidated into one screen where users could specify who saw their posts, control the advertisements Facebook showed them, and delete information they had shared with Facebook.
Facebook is updating its privacy settings to make it easier for you to control what you share - with the social network and connected apps - and tools to delete the data it's collected on you.
Chris Cox, Facebook's chief product officer, called the new settings "the first of many steps" the company is taking to address privacy concerns. Facebook's mobile settings were previously spread across almost 20 screens, but will now be condensed into one. This ranges from what ads users see, the ability to add two-factor authentication, and controlling who sees a user's profile. The firm is now making it clear as well, exactly what details are shared with non-Facebook apps.
The changes won't affect Facebook's privacy policies or the types of data it gathers on users.
Authorities in Britain have meanwhile seized data from Cambridge Analytica in their investigation, and European Union officials have warned of consequences for Facebook.
"Facebook similarly lacks business incentives to engage in responsible data collection because disgruntled advertisers don't have anywhere comparable to go".
The announcement coincided with a fresh dispute with New Zealand's privacy watchdog, which accused Facebook of being in breach of local laws.
Users will be able to see their every action on Facebook and decide if they want to delete it.
The changes to the privacy settings will happen in the coming weeks.
The social network said it is also shutting down 'Partner Categories, ' a feature which enables more precise targeting of ads by combining information from Facebook with data aggregated by outside companies such as Experian and Acxiom.
Facebook noted that it will be proposing new updates to its terms of service and its data policy to make sure that users will easily understand what data it collects and how it uses it.
In the last few weeks, users and companies have been deleting their Facebook profiles in protest. These updates, the company insists, "are about transparency - not about gaining new rights to collect, use, or share date".
On Tuesday, Facebook opted not to make Zuckerberg available to testify before a key parliamentary committee in the United Kingdom investigating the same issue, which had asked him to appear.