July 24, 2007 5:29 PM PDT

Report: Former YouTube CFO jumps to Facebook

Gideon Yu, YouTube's former chief financial officer, has been hired as Facebook's new CFO, according to a story in The Wall Street Journal.

Yu, 36, replaces Mike Sheridan, who joined Facebook in September, according the Journal story. Why Mike Sheridan is leaving remains unclear.

Facebook is the place to be right now, as rumors of a sale or possible public offering continue to follow the company. Employees stand to profit in the event of a sale or IPO and this hasn't hurt Facebook's recruiting efforts.

"We're not looking to sell the company, and we're really not looking to IPO any time soon," Facebook Chief Executive Mark Zuckerberg told the Journal. "Our board and we believe it's probably best to push some of these things off as long as possible."

Greg Sandoval covers media and digital entertainment for CNET News. He is a former reporter for The Washington Post and the Los Angeles Times. E-mail Greg, or follow him on Twitter at http://twitter.com/sandoCNET.

Topics:: Media

Tags:: social networking,; facebook,; youtube

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