Facebook has hired Chamath Palihapitiya, a former marketing executive at AOL, as vice president of product marketing and operations. The challenge for him: find new ways to make money.
Chamath’s credentials come from the 5 years at AOL, where he helped turn around the IM business as the Veep and GM of the Desktop Messaging group that includes the AIM and ICQ businesses. Chamath was most recently a Principal for the Mayfield Fund, a venture-capital firm.
With 29 million active users, Facebook is as as popular as it gets. Interestingly, when it comes to monetizing its business model, it’s no Google or even a Yahoo, with just $30 million profits on $150 million revenues.
Facebook has been an acquisition target, so its recent moves to bolster its management ranks and strengthen its balance sheet seems like a bid to set itself up for a high value acquisition or an even IPO?
Mr. Palihapitiya, is originally from Sri Lanka. Its good to see a fellow Sri Lankan in the news!