Facebook names genentech exec david ebersman as cfo | techcrunch

Facebook has just named former Genentech Chief Financial Officer David Ebersman as its new CFO. The news comes three months after Facebook ousted Gideon Yu from the position, citing at the

time its desire to find someone with “public company experience” (which was bizawrre given the fact that Yu _had_ public company experience). At the time of Yu’s departure there was

speculation that he had been unable to secure investments at the company’s lofty $15 billion valuation established by the Microsoft deal, and that the company was considering an early IPO.

Since then, things have changed: Facebook just raised a $200 million investment from Russian firm DST at a $10 billion valuation, which means it has plenty of money to keep its server farms

churning and keeping pace with the site’s staggering growth. Ebersman had been CFO at Genentech up until the company’s acquisition by Roche. From the press release: > 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.