David Spillane Resigns As Facebook CAO
As of May 10th, David M. Spillane is no longer be the Chief Accounting Officer of Facebook. This is what the social networking giant announced, as it filed its first quarter earnings with the SEC on Wednesday. He is said to be replaced by Jas Athwal, who’s been working for the company since January 2008 as revenue controller. Reports say that Spillane tendered his resignation on April 25th but offered no reason for his decision.
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Below is what Facebook reported to the SEC:
“On April 25, 2013, David M. Spillane, the Chief Accounting Officer of Facebook, communicated his intention to leave the company, and Jas Athwal was appointed to the role of Chief Accounting Officer of Facebook. Mr. Athwal’s appointment will be effective May 10, 2013.
Mr. Athwal has served as Facebook’s revenue controller since he joined the company in 2008. Mr. Athwal holds a B.S. in Business Administration, with a concentration in accounting, from San Jose State University.”
Spillane made headlines back in November when he was one of the execs that sold out stock for $5.4 million, more than half of his vested shares. He sold 60,000 shares for $1.6 million in January, and as of April 15, he still owned about 160,000 shares, according to the docs filed with the SEC.
Facebook reported a mixed first quarter on Wednesday with $1.46 billion in revenue and $0.12 earnings per share. Moreover, mobile ad revenue increased to 30%, that’s $375 million of overall advertising revenue. Once again, mobile users outnumbered PC users; the company now has 1.11 billion monthly users, 751 million of which sign on from mobile devices.
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