Facebook Inc. (NASDAQ:FB) will lose its CFO, David Ebersman, at the end of this year. He will be replaced by Zynga’s former CFO, David Wehner. Nonetheless, Ebersman will be leaving Facebook with good will as the company first quarter sales pummeled all estimates.
In fact, Facebook revenue rose 72 percent to $2.5 billion. Experts were expecting it to come in at $2.36 billion. This is confirmed as a result of Facebook’s move to mobile. As it stands, the Facebook’s mobile space accounts for 59 percent of its advertising revenue. That figure is only expected to grow, as well. In 2012, it was barely in the mobile space.
Now, the goal is to sustain that growth. Ebersman has been with Facebook since 2009. Facebook’s Chief Operating Officer, Sheryl Sandberg, has been with the company since 2006. However, there have been rumors of her making a transition to Disney, but that has not been confirmed or announced from anyone on her end. It is pure speculation.
Ebersman’s replacement joined Facebook in 2012, and Ebersman will go on to work in the health care industry. In other good news, Facebook’s net income almost tripled to $642 million from $219 million the year before. Analysts estimated profit to come in at 24 cents per share, but it actually came in at 34 cents per share.
Ebersmans’s compensation, in 2013, was $10.5 million. In 2012, it was $17.5 million. But, it does not seem that he should have any complaints. He does own $47.8 million worth of Facebook stock. Wehner has big shoes to fill, but it seems Sandberg has full faith in him. In a 2012 interview, she called Wehner, “really strong, really strategic.”
