Facebook Names David Ebersman CFO

Facebook's new office

Facebook has named former Genentech CFO David Ebersman as its own.

David’s qualifications seem to be that he comes from a public company that grew its revenues at a pace Facebook hopes to match.

Facebook investors expect the startup to IPO within the next 18 months — though that’s something we’ve been hearing for at least 18 months now.

Facebook had been without a CFO since Gideon Yu left the company in late March following a dispute over revenues and financing.

“We received a lot of interest in the CFO position and had the opportunity to meet with many impressive candidates,” Facebook CEO Mark Zuckerberg said in a statement.

“We quickly recognised that David was the right person for Facebook.  He was Genentech’s CFO while revenue tripled, and his success in scaling the finance organisation 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,” said Ebersman in the same release. 

“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.”

Here’s how Facebook described Ebersman’s background:

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 organisation, 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.

Photo: Facebook

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.