David Fischer. Courtesy of Facebook.
Facebook has stated it won’t fill Fischer’s vacated role and will instead create a Chief Business Officer position. Fischer will manage the search for the new executive, according to CNBC.
In a Facebook post, Fischer revealed that he expects to remain at the company through to the fall of 2021 to ensure a smooth transition. In his post, he didn’t unveil his next move but did state that his main goal is “to take some time with family and friends, to hopefully do some traveling as that becomes possible, and then to think about what challenges to take on next.”
Fischer first joined Facebook in 2010 and has held various positions throughout his tenure, including VP of Business and Marketing and his most recent role as Chief Revenue Officer. Prior to his time at Facebook, Fischer held multiple roles at Google, including VP of Global Online Sales & Operations. He also served as Deputy Chief of Staff of the U.S. Treasury Department and was an Associate Editor at U.S. News & World Report.
In his goodbye post, Fischer expressed his optimism about the path the company is on and said, “I am deeply grateful to so many people here for making this such a special place to work and contribute. Thanks to Mark and Sheryl for their leadership, commitment, and trust. And thanks to all my colleagues. I’m hoping we’ll have the opportunity for some in-person goodbyes in the months ahead and look forward to connecting with you, now and for years to come.”
His decision to leave is a major blow to Facebook’s advertising business, which is already under pressure. Planned changes to Apple’s own mobile operating system are expected to hurt Facebook’s personalized ads business and could deal a major ($25 billion) blow to the company's advertising revenue, its main source of income.
In 2020, the social media giant brought in $86 billion in total revenue, $84 billion of which was generated by its ads business.
Want to stay up to date on executive moves in tech, media, retail, and more? Sign up for our newsletter to receive the week’s most important executive moves in your inbox.