Hello,

We noticed you're browsing in private or incognito mode.

To continue reading this article, please exit incognito mode or log in.

Not an Insider? Subscribe now for unlimited access to online articles.

Intelligent Machines

Facebook picks David Ebersman as new CFO

NEW YORK (AP) – David Ebersman, a former executive at biotech firm Genentech, was named Monday as Facebook’s chief financial officer.

Ebersman, 39, will formally start at the Palo Alto, Calif.-based online hangout in September.

He replaces Gideon Yu, who left abruptly in March. Facebook said at the time it was looking for someone with “public company experience,” even though Yu had previously worked at Yahoo Inc. – which is public.

Ebersman hails from Genentech, which has been sold to pharmaceutical company Roche Holding AG.

“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,” founder and CEO Mark Zuckerberg said in a prepared statement.

Facebook, which turned 5 years old earlier this year, does not share specifics on its profitability because it is a privately held company. Research firm eMarketer, estimates that the company will reap $300 million in worldwide ad revenue this year, up 20 percent from 2008.

But Facebook has yet to turn a profit. In May, the company got a $200 million investment from Russian Internet investor Digital Sky Technologies. This valued Facebook at $10 billion and gave a nearly 2 percent stake in the company’s preferred stock.

Ebersman worked at Genentech for 15 years.

Uh oh–you've read all of your free articles for this month.

Insider Premium
$179.95/yr US PRICE

More from Intelligent Machines

Artificial intelligence and robots are transforming how we work and live.

Want more award-winning journalism? Subscribe and become an Insider.
  • Insider Plus {! insider.prices.plus !}* Best Value

    {! insider.display.menuOptionsLabel !}

    Everything included in Insider Basic, plus the digital magazine, extensive archive, ad-free web experience, and discounts to partner offerings and MIT Technology Review events.

    See details+

    What's Included

    Unlimited 24/7 access to MIT Technology Review’s website

    The Download: our daily newsletter of what's important in technology and innovation

    Bimonthly print magazine (6 issues per year)

    Bimonthly digital/PDF edition

    Access to the magazine PDF archive—thousands of articles going back to 1899 at your fingertips

    Special interest publications

    Discount to MIT Technology Review events

    Special discounts to select partner offerings

    Ad-free web experience

  • Insider Basic {! insider.prices.basic !}*

    {! insider.display.menuOptionsLabel !}

    Six issues of our award winning print magazine, unlimited online access plus The Download with the top tech stories delivered daily to your inbox.

    See details+

    What's Included

    Unlimited 24/7 access to MIT Technology Review’s website

    The Download: our daily newsletter of what's important in technology and innovation

    Bimonthly print magazine (6 issues per year)

  • Insider Online Only {! insider.prices.online !}*

    {! insider.display.menuOptionsLabel !}

    Unlimited online access including articles and video, plus The Download with the top tech stories delivered daily to your inbox.

    See details+

    What's Included

    Unlimited 24/7 access to MIT Technology Review’s website

    The Download: our daily newsletter of what's important in technology and innovation

/
You've read all of your free articles this month. This is your last free article this month. You've read of free articles this month. or  for unlimited online access.