Facebook CFO out, Facebook looking for CFO with public company experience

By Hercules Kataveli, B2P
Published on Wednesday April 1, 2009 at 12:03 pm ET
Updated 03-12-10, 2:55 am ET

Facebook has just confirmed that CFO Gideon Yu has just left the company. Facebook praised YU’s contributions to the company. Yu, 39, previously worked for Google, YouTube, and served as Treasurer and Senior Vice President of Finance at Yahoo. Yu has been with Facebook for just about two years to date.

Facebook said in a statement, “We have retained Spencer Stuart to lead our search for a new CFO and will be looking for someone with public company experience.”

With Yu leaving and Facebook looking for a CFO with public company experience, it is fueling speculation Facebook is heading for an IPO.

Facebook up to now has raised just over $450 million in funding. The WSJ is reporting that an internal person familiar with Facebook’s financials said the company expects revenue in 2009 to increase more than 70% year over year, but declined to say how much the company previously earned. The same person also said Facebook had positive earnings before interest, tax, depreciation and amortization (EBITDA) for the past five quarters. The person also said they expect Facebook to be cash flow positive in 2010 for the first time.

Facebook is expected to reach 200 million registered users within the next few days.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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