Facebook picks David Ebersman as new CFO

Jun 29, 2:33 PM (ET)

NEW YORK (AP) - Facebook says it has named David Ebersman, a former executive at biotech firm Genentech, as its chief financial officer.

The Palo Alto, Calif.-based online hangout said Monday that Ebersman will formally start at the company in September.

He replaces Gideon Yu, who left abruptly in March. The company said at the time it was looking for someone with "public company experience."

Ebersman hails from Genentech, which is being bought by pharmaceutical company Roche Holding AG.

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