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Facebook Faces High-Level Staff Exodus
angry tapir writes "It has been troubled times for Facebook since the social network's IPO in May. There has been speculation that Facebook could suffer a talent drain in the wake of the IPO, and now the organization has lost four of its high-level managers the space of a week: Ethan Beard, director of platform partnerships; Kate Mitic, platform marketing director; Jonathan Matus, mobile platform marketing manager; and Ben Blumenfeld, design manager, have all resigned from the company."
I'd bail too from a ship that just went over a cliff.
That was the plan all along. Cash out and move on. It's a shallow company with no real long term potential. People are fickle, color me surprised.
It is too late for the pebbles to vote. The current management team may not be the people to monetize the company. Eventually the shareholders will hold the board's feet to the fire and they'll really start to sell every single fact about you to anyone who's willing to pay. Think Facebook has privacy problems now?
---- The above post was generated by the Turing Institute. Maybe.
The exodus of the 14 execs won't kill FB
How many execs have left Yahoo ?
Is Yahoo still around ?
FB won't die until it runs out of cash. As long as it has cash left, it will go on, just like Yahoo
Muchas Gracias, Señor Edward Snowden !
I used to think that, but lately it seems like Facebook has become what I used to use email for. I use Facebook to send messages to friends and also coordinate events with them. And my actual email is mostly spam.
Every tech company is losing staff, because none are willing to hire junior-level workers and train them. So companies keep competing over the same fixed number of people. And the quickest way to get a raise is to jump ship. So there you have it.
It's not just tech, either. There are lots of college-educated bartenders these days, because every "entry level" position requires 3 years of experience. It's absurd.
A slashdotter who didn't build his own computer is like a Jedi who didn't build his own lightsaber.
director of platform partnerships
platform marketing director
mobile platform marketing manager
design manager
Sorry, but those mostly sound like made up bullshit job titles.
Funny how pointing out editorial post manipulation finds it's way to -1 for no other reason than
it criticizes editorial policy.
Worse, IP's are tracked & opposition is prevented from posting--effectively silenced. This is a horrendous policy for a forum which
speaks so much about censorship.
The whole platform falls on its face as an event organization platform if even one key person refuses to sign up to having their personal lives data mined.
The event was doomed to fail anyway, if the organizers can't figure out how to keep one "hold-out" (for lack of a better word) in the loop through other means.
As long as you can make about 75K from someone else you can do quite well for yourself. Manage your money. That's the key to pretty much the entirety of being successful.
My dad made 74k a year on a team of guys who all made 74k a year (this was about a decade ago). Some of them bought boats, some cottages, some had expensive wives etc. The ones who bought stuff with resale value (the cottages for example, or mutual funds and bonds) are all doing fine in retirement, they can afford holidays, etc. The ones who bought boats, and planes (and god help them, both), the ones who landed wives with expensive tastes in things that are worth nothing, they're struggling now.
Working for someone else does have significant advantages, pension plans, fixed hours that sort of thing. When you work for yourself you can very easily slide into working 12 hours a day and not having vacation time, and still not making very much money. And if you get sick, your whole business can fall apart, and you might not have customers to go back to as they've found someone else.
Ultimately, it's up to you to manage your money, if you can do that you can manage your business or you can manage your paycheque. Working for yourself is always better than a bad boss, and working for yourself *can* be better than a good boss, but not always.
If this exodus can delay or reverse the forced conversion to that gawd-awful "Timeline", then it's all to the good.
I've calculated my velocity with such exquisite precision that I have no idea where I am.
Let me explain how this works (having gone through an IPO at a company where I worked years ago):
1) founders of company want to generate some cash.
2) founders hire a bunch of execs and engineers promising the company will go public and everyone wiil get options at pre IPO price.
3) dopes take the jobs.
4) company goes public, stock price soars, people start dreaming about what they will do with their newly minted wealth.
5) reality sets in- founders are the only ones able to exercise their options, everyone else has to wait to be vested in 5 years.
6) founders sell off their stock, generating the cash they sought, leave everyone else twisting in the wind.
7) Now-wiser execs realize their options won't ever be worth anything and jump off the sinking ship while they can.
It has been done so many times you'd think people would be wise to this scam by now, but it keeps working over and over.