June 30, 2009

Facebook Appoints New Financial Chief Officer

Facebook announced on Tuesday that David Ebersman is their new chief financial officer.

Ebersman, former executive vice president and CFO of Genentech, will start his new job in September, Facebook said.

"His success in scaling the finance organization of a fast-growing company will be important to Facebook," said Facebook CEO and founder Mark Zuckerberg in a statement. He added that Ebersman lead Genentech's financial operations and the company's profits tripled.

Ebersman will answer to Zuckerberg and will watch over the company's money, accounting, and real estate, Facebook announced in a statement.

Ebersman takes over for Gideon Yu, who resigned from Facebook in March. After Yu left, Facebook revealed their intentions to find a replacement with "public company experience."

Ebersman will also be a part of the executive management team, which leads all areas of company policy, preparation and operations.

Facebook is the world's most popular social networking site. In May, Facebook was gifted $200 million from Russian Internet investment firm Digital Sky Technologies.

In adding Ebersman to their team, Facebook is growing from other Internet executives, as it deals with swift expansion in a shaky economy.

The new additions replicate the call for CFOs with financial engineering skills instead of operational experience, said Broadpoint Amtech analyst Ben Schachter.

"You certainly can have a lot of lessons from someone in a high-growth company" like Genentech, said Schachter to Reuters News.


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