Facebook Appoints David Ebersman As Chief Financial Officer

Today Facebook has announced the appointment of David Ebersman, the former executive vice president and chief financial officer (CFO) of Genentech as the chief financial officer of Facebook. Gideon Yu was the previous CFO and was let go under rumored tension between him and Mark Zuckerberg.

The company has been searching for a new CFO since the departure of Gideon Yu. While reportedly looking for an executive with “public company experience”, there was little known about the end of Yu’s job. The new CFO, David Ebersman will likely oversee Facebook’s public offering at some point in the next few years if all goes well.

The press release is below:

PALO ALTO, Calif. – June 29, 2009 – 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.

Recommended articles