Is Facebook about to float on the stock market?


Is Facebook about to float on the stock market?

Rebecca Thomson

Speculation is rife over whether Facebook is planning to float on the stock market after the exit of its Chief Financial Officer (CFO) Gideon Yu.

The company released a statement saying Yu will be leaving, praising his contribution to the company and saying it is "well positioned for the next stage of our growth".

It also says it is now looking for someone with public company experience.

The statement says, "Facebook confirms that CFO Gideon Yu will be leaving the company. Gideon has played an important role in helping us achieve our financial success, building a strong finance team and establishing the core financial operations of our company. We are grateful to Gideon for his contributions to Facebook and what we are trying to accomplish. Despite the poor economic climate, we are pleased that our financial performance is strong and we are well positioned for the next stage of our growth. We have retained Spencer Stuart to lead our search for a new CFO and will be looking for someone with public company experience."

The last sentence is the one that has boosted rumours of what will happen next, with technology blogs such as Tech Trader predicting an initial public offering (IPO), or the first issue of shares.

Tech Trader also reports that former Netscape CFO Peter Currie will advise the company until someone is found to fill the spot.

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