Thread by @damccormick13

Meta just announced that Susan Li, 36, will be taking over as CFO replacing longtime CFO Dave Wehner.

This is another C-Suite shakeup at Meta in the last few months + another sign Zuck is shifting into wartime CEO mode.

Here's what we know about Li + why this move is important.

BACKGROUND:

- Grew up in Oregon
- Stanford'05 w/ degrees in econ & computational finance at the at the age of 19
- Spent 3yrs at Morgan Stanley in IB
- Joined FB in '08 as a financial analyst
- Big role on finance team during IPO
- Married to Meta VP, Ads & Biz Products

WHAT SHE'S KNOWN FOR:

- Merging financial acumen & strategy instincts
- Overseeing forecasting /budgeting processes
- Involvement in FB IPO process
- Meticulous planning
- Like an good FP&A leader, internal stakeholder management & compromise

WHAT SHE'S KNOWN FOR PTII

- Previous served as VP, Finance (#2 in the finance org)
- The transitioned has supposedly been in works for a while / will officially occur in Nov '22

WHO SHE'S REPLACING: Dave Wehner

- Served as CFO since '14 (prev. 2yrs as VP Finance at Meta, CFO Zynga, 10yrs at Allen & Co.
- Wehner is moving into role of Chief Strategy Officer at Meta

What this means: Wehner will be focused less on day-to-day management of the street.

WHY NOW:

- As of today, Meta's stock price is 0.27% in the last 5 years.
- C-Suite shakeup happening across the org (Sandberg, shifting responsibilities, etc)
- Metaverse strategy
- Wartime Zuck/Meta

WHY NOW PTII:

- Zuck has made it clear that fat will be trimmed. That's the role of the CFO -- and likely not a job that a long term CFO is well positioned to take on.
- Meta needs fresh energy to reinvigorate the team & sell new narrative on the street.

WHAT SHE'LL BE FOCUSED ON:

- Rightsizing cost structure after a period of explosive growth
- Selling Metaverse narrative to wall street
- Resource allocation across FoA & Reality Labs

WHY THIS IS IMPORTANT:

- New CFO of top 10 most valuable companies in the world
- 36yr old, female major tech CFO is not something you see everyday!
- Important inflection point in Meta's history

WHY THIS IS IMPORTANT:

- Like it or not, Meta is 1 of the most important companies in the world. It's business decisions impact small businesses, major brands, global political policy, and much more
- Pretty clear signal that Zuck is transitioning into wartime CEO mode

Credit to @SylviaVarnham @theinformation for much of the background on this thread!

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