- Facebook quietly chose a new CFO today, months after getting rid of Gideon Yu, for not having enough ‘public company experience’. Former Genentech CFO David Ebersman was officially announced today as the man taking on the task of raising more money for the company and getting it ready to go public in the next 2-3 years. Ebersman has been at the biotech firm for almost 15 years and was relieved of his duties after Hoffman-La Roche acquired Genentech [they had their own CFO]
- Until now, former Netscape exec and VC Peter Currie has served as a stand-in for Yu since he left, although has not been an active financial exec. [Kara, AllThingsD]. Here is the full press release.
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.