Last month, when Facebook ended its advertising partnership with Microsoft, opting to take all its advertising sales in-house, I predicted that the company would soon be announcing the hire of a high-profile advertising executive.
Indeed, Facebook on Friday confirmed an All Things Digital report that it has hired David Fischer away from Google as its vice president of advertising and global operations.
"It's a testament to Facebook's expanding opportunities in advertising that we're able to welcome an executive of David's caliber," read a statement from Facebook's chief operating officer, Sheryl Sandberg, herself a former member of Google's ad corps. "I have worked closely with David over the years, and witnessed his passion, energy, and effectiveness at building teams on a global scale. David's arrival deepens our operational capabilities so we can build upon our ability to serve advertisers, regardless of size or location, that are building their brands on Facebook."
Advertising on Facebook was once seen as a dead zone, with critics--including Google's chief financial officer--saying social networks were poor destinations for ad dollars. But thanks to its in-house "engagement ads" and self-serve ad targeting, Facebook managed to beat the odds and start raking in legitimate revenues.
The company is expected to soon unveil new revenue sources besides advertising, namely its "Credits" virtual-currency system. Ads, however, remain crucial, especially since the marketing world may soon be distracted by splashy new initiatives coming from Twitter, and Facebook has to stay ahead of the curve.