Facebook has just named former Genentech Chief Financial Officer David Ebersman as its new CFO. The news comes three months after Facebook ousted Gideon Yu from the position, citing at the time its desire to find someone with “public company experience” (which was bizawrre given the fact that Yu had public company experience).
At the time of Yu’s departure there was speculation that he had been unable to secure investments at the company’s lofty $15 billion valuation established by the Microsoft deal, and that the company was considering an early IPO. Since then, things have changed: Facebook just raised a $200 million investment from Russian firm DST at a $10 billion valuation, which means it has plenty of money to keep its server farms churning and keeping pace with the site’s staggering growth.
Ebersman had been CFO at Genentech up until the company’s acquisition by Roche.
From the press release:
Facebook today announced that David Ebersman, the former executive vice president and chief financial officer (CFO) of Genentech, the pioneering biotechnology firm recently acquired by Roche, will become the company’s chief financial officer.
Ebersman will report to Chief Executive Officer (CEO) and Founder Mark Zuckerberg. He will oversee Facebook’s finance, accounting, investor relations, and real estate functions. He also becomes a part of the company’s executive management team, which directs all aspects of company strategy, planning and operations. Ebersman will formally start in September 2009.
“We received a lot of interest in the CFO position and had the opportunity to meet with many impressive candidates,” said Mark Zuckerberg. “We quickly recognized that David was the right person for Facebook. He was Genentech’s CFO while revenue tripled, and his success in scaling the finance organization of a fast growing company will be important to Facebook.”
“After meeting with Mark and the rest of the team, I was thoroughly impressed with everyone’s drive and sense of purpose to help people connect and share,“ noted Ebersman. “Mark is constantly pushing the company forward and he’s assembled a world-class team that is achieving remarkable results both for its users and as a business. I’m excited to join this effort and this new industry.”
Ebersman worked at Genentech for nearly 15 years. He served as the firm’s executive vice president and CFO from 2006 through April 2009, when Roche Group acquired the company. Prior to joining the company’s finance organization, he was senior vice president of Product Operations. He joined Genentech as a business development analyst. Previously, he was a research analyst at Oppenheimer & Company Inc.
David, welcome to the facebook.
David, your a money guy.
David, your a numbers guy.
I’ll pay $20 a month for a video email feature that works in facebook. Take the money off the table and your peer’s/board will love you. How many people like me will pay for this? Probably allot, but your the numbers GUY, so you’ll have to figure that out.
$20 a month for video email feature on Facebook? Uhhh….NO!
How many people like me will pay for this?
Less than 0.1% probably or even lower.
david.
tell yu that you got the big gig even though he did all the work…good going
best,
j
You should send that request to the product department, not financial.
Go to inbox.
Click “Compose”
At the bottom click the video icon…
You may need to install the Facebook Video App…
Sure, this hire makes sense, because the finances of an ad-driven media site are exactly like those of a biotechnology firm.
Or maybe Facebook is actually one giant online drug, and all its members are test rats….
Facebook seems to be making the right moves at the right time. I wonder what’s MySpace is doing to compete with Facebook?
Laying people off and calling them the fat of the company.
That’s funny but so true.
Yeah, he has public company experience…but what else? No IPO, and no IPO roadshow experience. No Internet experience. His only CFO gig was Genentech, nothing prior. Different revenue structures/models. Did they like that had product ops experience and they need to clean up that area? I don’t get it…
it probably helps that he was not chinese unless he happen to be a chines gURL then mark would have been ok with her
mark would probably want to sleep with a asian women too unless he happens to be gay like every one in the bay
His transition in will be helped a lot by the team in place. The existing finance group is full of real pros with fantastic experience from other advertising/subscription based media companies. I’m sure he’ll help them grow, but I know they’ll make sure he is successful.
Definitely a downgrade from Yu
How?
I have a real bad feeling about FB going MySpace’s way in two years time.
Always wonder if these “bad feelings” are more reflective of someone actually hoping something bad happens to facebook. Many in the Valley love to see spectacular success (particularly if they are part of it), while many more crave spectacular flame-outs (particularly if they are not a part of it). Can’t say we all don’t have our moments of jealousy, but don’t let it become overwhelming. The company IS the new front-door (along with G and arguably one or two others). Even if they never invent their second leg (the next adsense) having that first leg of the stool (being a front door) is enough. Just say no to jealous hating.
Any company that gets David Ebersman on board is extremely lucky. The man is smart in the extreme, dedicated and humble without being disingenuous at all. Facebook’s value just went up.
Genentech has always been an exceptional company so to obtain a top executive from them, Facebook must be really trying to gain some reputation points.
Wonder how David will feel in six month’s time when he comes to realize that FB has been financed entirely on hot air. I guess his job description will be centered on finding a greater fool.