Facebook's Hunt for CFO May Lead to IPO

Facebook is on the hunt for a new chief financial officer in hopes of going public, according to reports, although one analyst argues the Internet property missed a golden opportunity for an initial public offering that may not return for several years.

The Wall Street Journal reported Tuesday that CFO Gideon Yu, who joined Facebook in 2007 after a stint at YouTube, will leave the company. The social networking Web site has already commenced a search for a new chief financial officer with "public company experience," a person close to the matter told the Journal.

This seems to be a strong indication that Facebook is finally gearing up for an initial public offering, even though the IPO market isn't expected to heat up in 2009. Renaissance Capital, which operates the Web site IPOHome.com, said that initial public offerings dried up in 2008 as a result of extreme risk aversion and credit woes, and IPO activity will be low in 2009 with high-growth stories less likely to be successful. ...