Facebook's CFO Gideon Yu, is leaving the company, The Wall Street Journal reports. Yu had been at Facebook since 2007, where he helped it raise more than $500 million, including $240 million from Microsoft (NSDQ: MSFT).
The company is on the lookout for more funds as it grapples with rising costs and slowing ad sales. Just last week, Business Week reported that the company was seeking another $100 million to help it fund the lease of new servers needed to support its growing membership.
Yu previously was chief financial officer of YouTube, where he negotiated that company's sale to Google (NSDQ: GOOG). A source tells the WSJ that Facebook is looking for an executive with "public company experience" to replace him.
More to come.
By Joseph Tartakoff