Ted Ullyot, the top lawyer at Facebook Inc (NASDAQ:FB), is leaving the company to take time off. Ullyot, 45, is leaving in July and the company is going to search for replacements internally and externally.
Facebook chief operating officer Sheryl Sandberg and two other executives at the company has sold millions of dollars worth of stock this week after restrictions on insider trading had expired. Ms. Sandberg netted around $7.44 million by selling around 353,000 Facebook shares on Wednesday according to a filing with the SEC on Friday. Ms. Sandberg stills owns around 18.1 million vested shares of Facebook stock.
Last month Yahoo! filed a lawsuit against Facebook that claimed Facebook’s News Feed, ads, and privacy settings infringed on their patents. Today Facebook has filed a countersuit against Yahoo! through 10 of their patents. Facebook said that Yahoo!’s Flickr photostream and their recent activity feature infringes a Facebook patent that is related to generating a personalized feed of stories on a social network. ”While we are asserting patent claims of our own, we do so in response to Yahoo’s short-sighted decision to attack one of its partners and prioritize litigation over innovation,” stated Facebook general counsel Ted Ullyot.
