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Facebook Shakeup Renews Talk of Public Offering
By John Johnson
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Posted Mar 31, 09 7:30 PM CDT
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(Newser)
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Facebook today announced another big departure from its executive ranks, fueling speculation that a move to go public is gaining traction, the Wall Street Journal reports. The company's chief financial officer, Gideon Yu, is leaving, and Facebook is searching for a replacement who has experience at a public company, the Journal notes.
CEO Mark Zuckerberg, who has rejected acquisition offers, has said he hopes to go public in the next few years. Yu's departure is sure to heat up speculation that the company is moving toward that goal—he is the fourth senior executive to leave in the past year. An insider told the Journal that Facebook is in strong financial shape and expects revenue in 2009 to increase at least 70% over last year.