"We think people interaction is more important than passively consuming content," Hegeman said.
"This will be one of the more important updates that we have made."
Facebook co-founder and chief Mark Zuckerberg has said that bringing people together and strengthening communities in the real world are priorities.
The news feed ranking update, which is set to roll out globally in the coming weeks, is expected to support that goal.
In a lengthy post on Facebook, Zuckerberg wrote: "We built Facebook to help people stay connected and bring us closer together with the people that matter to us. That's why we've always put friends and family at the core of the experience.
"Research shows that strengthening our relationships improves our wellbeing and happiness.
"But recently we've gotten feedback from our community that public content — posts from businesses, brands and media — is crowding out the personal moments that lead us to connect more with each other," he said.
"As we roll this out, you'll see less public content like posts from businesses, brands, and media," Zuckerberg said.
"And the public content you see more will be held to the same standard — it should encourage meaningful interactions between people."
He said research has shown that when social media connects users with other people, it has a positive impact on their wellbeing.
"Based on this, we're making a major change to how we build Facebook. I'm changing the goal I give our product teams from focusing on helping you find relevant content to helping you have more meaningful social interactions," he wrote.
Google, Twitter and Facebook have come under fire for allowing the spread of bogus news — some of which was directed by Russia — ahead of the 2016 US election and in other countries.
Facebook has introduced a series of changes intended to address the problem.
"We are doing a ton of work to reduce the frequency of bad content on Facebook," Mr Hegeman said.
"This update is more about amplifying the things people value."
"There is really no silver bullet here to determine what is most meaningful, but we are trying to mine the signals to get the best representation that we can," Hegeman said.
Known for setting annual personal goals ranging from killing his own food to learning Mandarin, Zuckerberg's stated mission for this year is to "fix" the social network, including by targeting abuse and hate, and making sure visiting Facebook is time well spent.