For the last year, aside from the reports on Facebook’s tremendous growth in users and traffic, the number one news item that has accompanied every article about the company is their lack of generated revenue. That may all be changing now.
Peter Currie, former CFO of Netscape, has signed on as temporary CFO for Facebook. Yesterday’s announcement that Gideon Yu was leaving his position as CFO of Facebook due to tense relationships with CEO Mark Zuckerberg had valley tongues waging.
Currie maybe well suited for the job. As BoomTown reports, in 1995 Currie was the hot shot of the valley, taking one of the internet’s first big start-ups public. Netscape, stared by 23-year-old tech wunderkind Marc Andreessen, had a growth that was unparalleled at the time. Much like Facebook today, it also had no revenue stream to speak of at the time.
Along with helping 24-year-old Zuckerberg monetize his site, Currie will be leading the search for a new, permanent CFO.
This should be an interesting challenge for the man who was once considered a giant in the tech industry. In general ad revenue has been down for all media outlets—including, to a lesser extent, social networking sites—Currie must now go in and start making some large capital gains for a site that has only ever produced modest returns.