Facebook director of business development Jim Midgal has quit the company. On LinkedIn, he lists his current job as “baggage handler” and his company as “travelling.”
Gone too is Marcel Laverdet, one of the three Facebook’s employees who famously got their jobs by infecting Facebook with a virus that made it look like MySpace.
Yesterday, Jonathan Heiliger, the VP of technical architecture, told Om Malik he was out, too.
We understand that a number of rank and file engineers have also quit the company in recent weeks.
This is not the first time Faceobok has undergone a fairly large employee exodus. Back in 2008 and 2009, Facebook went through significant turnover as new COO Sheryl Sandberg joined the company from Google and re-organised (or…organised) what had been a fast-growing but disjointed startup. Facebook also had recruiting trouble back then.
These exits are much different – and much less troubling for Facebook.
One thing each of these quitting employees have in common is that they have been with the company for more than four years – long enough to vest.
Also, all of them joined Facebook before it started giving out restricted stock units instead of regular options. That means they are all able to quit Facebook and sell their stock on secondary markets, where Facebook’s valuation is up at least 700% since 2007.
Quitting makes them rich, so they’re quitting, duh.
(Facebook employees stuck with RSUs can’t sell their stock until six months after the company IPOs – something that might not happen for a very long time.)
Update: An earlier version of this story said that Facebook product director Blake Ross – who came to the company through its very first acquisition – is on an extended leave of absence from which insiders do not expect him to return. Ross is on an extended leave, but in the comments below he says he’s coming back next month.