Facebook CFO Gideon Yu Quits
Facebook CFO Gideon Yu is stepping down from the company. In the past, Yu worked for YouTube, Yahoo!, and NightFire Software. Facebook announced today internally that the company is looking for a new CFO that has experience with a public company.
Even though the company announced that they are looking for a more experience CFO, several sources within the company believe that Yu left out of a bitter relationship with Facebook founder Mark Zuckerberg.
“At Facebook, you’re either with Mark or you’re not,” stated an AllThingsD source. “And, if you’re not, you leave.”
In another internal memo, Facebook confirmed that the company is not in any sort of financial weakness and needs to raise more funds. The company said that their revenue growed 70% in 2009 and EBITDA profitability this year. The company plans on being cash flow positive in 2010 and is getting closer to a potential IPO.
Many former Google executives were hoping for the company to have an IPO or sell to a larger company like Google or Microsoft. Microsoft expressed interest in acquiring Facebook in the past, but the social network turned it down. Yu and former Facebook exec Owen Van Natta were instrumental in getting Microsoft to outbid Google in the company at the $15 billion valuation.
Where will Gideon Yu end up next? Since he’s moving around some of the top different Silicon Valley, who knows maybe he’ll end up at Twitter.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry