Facebook’s Technology Chief To Leave: Who’ll Be Next?

Facebook technology chief Bret Taylor has announced he is leaving the social media company later this summer to start up a new venture with Google App Engine founder Kevin Gibbs. According to TechCrunch, Taylor’s departure will not be the first as a number of Facebook’s longer-term executives “have hit their four year stock cliffs, and the 90 day IPO lockout fast approaches.”

Taylor used a Facebook status update to announce the change after the market closed. While Taylor wrote that he is “extremely confident in the teams and leadership we have in place” and said he was proud of some recent developments (Facebook Camera and integration with Apple products), CNET’s Paul Sloan observes that “there has to be some anxiety at the company and potentially among investors.” Besides Facebook’s main platform, Taylor oversaw Facebook’s mobile operations — and mobile is the very area that the company has come under fire for, due to Facebook’s failure so far to make a profit from its quickly growing mobile user base.

TechCrunch‘s Alexia Tsotsis also says she has heard of a “modified hiring freeze” at Facebook “due to the IPO fallout.” While Facebook’s May 17th IPO was greeted with much fanfare, the share price has stayed below the initial price ($38); on Friday, it closed at $30, 21 percent below the initial IPO price.

More than 40 lawsuits have been filed by shareholders who contend Facebook withheld the company’s revised growth figures from them. The SEC is undertaking an investigation about whether the stock price was too high, and why Facebook and its lead underwriter Morgan Stanley significantly increased the number of shares available in the week before the IPO. According to Bloomberg, the SEC is also investigating CEO Mark Zuckerberg’s power and specifically his “ability to designate a successor, and the implications of being a ‘controlled company.’”

Taylor’s departure portends more than might be apparent. Tsotsis also comments: “Facebook has had a monopoly on the best and brightest engineering talent for the past couple of years and it’ll shake the Valley to its core.”

 

Related Care2 Coverage

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Photo by jolieodell

21 comments

Donna B.
Donna B5 years ago

Facebook has never interested me. Who cares?

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Christine C.
Chandra C5 years ago

Thanks

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Winn Adams
Winn Adams5 years ago

Thanks

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Dawn Walker
Dawn W5 years ago

I think maybe FB won't be on top of the world much longer.

I never understood the obsession.Held out for as long as I could,but eventually caved.So much happens on FB,and I was tired of missing out.But I don't do much with my own page.I don't have time for that crap.

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Juliet Defarge
judith sanders5 years ago

Starting new companies is a good thing. Let's not over-analyse this.

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Peter G.
Peter G5 years ago

There must be a huge amount of technology in creating a message board. Tea, right. What I detest is the fact that so much of the news media requires a facebook account to post. I believe that those policies violate my "freedom of speach" rights.

I call on Care2 to remove facebook from this site.

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Teresa Wlosowicz
Teresa W5 years ago

Zuckerberg?

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ii q.
g d c5 years ago

hmm...

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Bill C.
Bill C5 years ago

Not a FB member

I may join if it works because this site sure does not

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Jen Matheson
Past Member 5 years ago

The mass exodous continues...

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