Dan McCormick Profile picture
Aug 9 11 tweets 3 min read
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.

- 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

- 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

- 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

- 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.

- 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

- 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.

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

- 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

- 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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More from @damccormick13

Jul 11
Full breakdown of the DTC value chain 👇
What is a Value Chain?

First described by Michael Porter (of Five Forces fame), the value chain is the set of activities involved in creating & capturing customer value.
By understanding an industry's value chain, you get a much better understanding of it's competitive position.

And competitive forces are what drive power & profit.

All else equal:

High Competition = Bad
Low Competition = Good
Read 23 tweets
Jun 15
Should your DTC business sell wholesale?

This is a multi-part story. Let me know if you want the rest.

Pt 1: A brief history of DTC's relationship with Wholesale 👇
Before we jump into wholesale, a quick reminder on DTC history.

The promise of DTC was that brands could offer high quality, branded products at affordable prices because they "cut out the middleman."

In return, they'd build a 1:1 customer relationship + get higher margins.
It looked something like this -- cut out wholesalers, distributors & retailers -- and replace them with a website and ad platforms.

And for a while, this was a tradeoff worth making for most up-and-coming brands.


Finding customers via digital ads was cheap.
Read 19 tweets
Jun 13
Candidates don't ask nearly enough questions about a company before accepting a job offer.

Asking the right questions will only become more crucial in this market.

Here are 7 questions (and follow-on questions) you should ask before accepting a job in DTC today 🧵
These questions should help shape your view of:

- Will this company be around in the next 6,12,24 months?
- Is this company self-sustaining or reliant on outside $?
- Will my equity eventually have value?
- Is this company transparent & honest?

Let's jump in:
1/ How many months of runway do you have left?

- What is your monthly burn?
- What is monthly burn assuming no revenue?
- How many months of runway in "Worst Case" scenario?
Read 13 tweets
Jun 10
Get up off your Casper mattress, lace up your Allbirds and pop a few Roman pills - it's time to get all jazzed up for a Friday
💥Ecommerce MegaThread💥

- Capitalizing DTC business
- 8 Traps To Avoid
- 1st 10 People You Hire
- Thriving in a Recession
- Extending Runway
& more👇
1. Capitalizing a DTC Business
• Don't over-capitalize your DTC
• Low-Medium Growth + VC-Backed is optimal approach
• Optimal P&Ls for multiple stages of growth

2. 8 Traps to Avoid When Running a DTC Business:
• "CAC Will Go Down"
• "New Categories = Incremental Revenue"
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Read 11 tweets
Jun 8
The next 18 months are going to be tricky for DTCs. There is (likely) a recession coming and consumer behaviors will change.

But it also presents an opportunity for patient & opportunistic operators.

Be conservative now & aggressive when the market drops: 🧵
This prediction pre-supposes a recession is coming (or that, its already here.)

Recessions are (obviously) bad for the overall economy, but present unique opportunities.

1/ CPMs will drop
2/ Talent will be cheaper
3/ People buy necessities
4/ Subscription biz less vulnerable
1/ CPMs will Drop

- Less new advertisers
- Less venture capital saturating ad platforms
- More conservative approach to growth
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Hopefully this coincides with improvement of Meta targeting capabilities.
Read 20 tweets
Jun 7
The first 10 people you hire at a DTC brand can make or break the company.

You don't want to over hire, but you don't want to hold your business back.

Here's a guide to thinking about hiring for DTCs.
Before we get into some specifics, let's set the stage.

- Co-founders know enough about every aspect of DTC to be dangerous (product development, brand building, growth, ops, etc).
- Standard DTC (Shopify website, physical product)
- Bootstrapped w/ just founders into $2M Seed
While the co-founders know enough to be dangerous in everything (ie there's no major gaps in competencies) how you hire depends on what you're founders should be focused on. For the purposes of this exercise:

Co-Founder 1: Generalist company builder
Co-Founder 2: Brand vision
Read 17 tweets

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