Shockwaves were felt throughout Silicon Valley when the social networking site announced that one of its star hires, CFO Gideon Yu, had been fired. Although Facebook claims that it is looking for someone with “public company experience,” (ludicrous because Yu held executive positions with Google (YouTube) and Yahoo), industry insiders say it was very much an inside job.
See, Yu apparently did not care much for Facebook COO Sheryl Sandberg–Facebook’s star Google hire–and increasingly was not seeing eye to eye with CEO Mark Zuckerberg, according to our friend and colleague Kara Swisher. That adds up to a lot of internal infighting, and not a need for a CFO with more experience.
Reportedly, Yu left the company immediately after a meeting, symbolistic of Zuckerberg’s apparent “you’re with me or against me” mentality. But the way Facebook framed the departure is troubling.
Facebook has made it no secret that it would like to go public, and the company is attempting to say letting go of Yu was a step in that direction. That kind of logic is faulty.
Zuckerberg needs to learn if he wants to take his company public that investors do not like turmoil. The revolving door of executives at Facebook will make investors uneasy, and reluctant to invest in the company.
No slight intended at the young CEO, but I think this is where his youth comes as a major negative. Being young myself, I know that sometimes we make judgments more based out of emotion rather than thinking them through first.
I can’t see that Mark’s much different than me. Wisdom does come with age, and I think we learn that sometimes its best to surround yourself with people who may not see eye to eye with you all the time. Keeps your mind open.
Surrounding yourself with “yes men” is never a good thing. I’m beginning to think financing and lack of users will never kill Facebook, it will be the management itself.