Facebook rocked as 3 more top execs quit

Facebook’s initial valuation has plummeted from $100 billion to $43.5 billion.

Written by Agencies | London | Published: August 9, 2012 12:33:34 pm

Bad times don’t seem to be ending for social networking giant Facebook,as three more of its top executives have announced plans to quit.

Director of Platform Partnerships,Ethan Beard,Director of Platform Marketing,Katie Mitic,and Mobile Platform Marketing Manager Jonathan Matus,are the latest senior employees to quit the San Francisco-based company,which has already lost a handful of executives following its poorly received IPO in May and tumbling share prices.

“It is with mixed emotions that I’m letting you all know that I’ve decided to leave Facebook to seek my next adventure,” the Daily Mail quoted Beard,as writing,on his Facebook page.

“I”m exceptionally proud of the team we’ve built and the work we’ve done and I’m incredibly enthusiastic about the future of Facebook… and know that I’m leaving it in the good hands,” he added.

The resignations by the top ranking Facebook officials come after the high-profile exits of Chief Technology Officer Bret Taylor in June,and Open Graph Product Manager Carl Sjogreen last month,the paper said.

“After an amazing two years at Facebook,it’s time to start my next entrepreneurial adventure. I’m so grateful to have met,learned from and worked with the incredible people here,” Mitic,who will be working at a mobile startup,wrote on his Facebook page.

Facebook lost a staggering 157 million dollars in the second quarter of this year,and saw shares,which were released in a highly anticipated IPO in May,falling to 20.72 dollars from their 38 dollars starting price,the paper said.

The firm’s initial valuation has plummeted from 100 billion dollars to 43.5 billion dollars,while CEO Mark Zuckerberg saw his personal fortune collapse from 13.7 billion dollars to 10 billion dollars over the last fortnight,the paper added.

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