Ted Ullyot, who has been Facebook’s general counsel since 2008, is leaving the company. Facebook confirmed Ullyot’s departure with AllFacebook. Ullyot defended Facebook during its legal battles with the Winklevoss twins, and has seen Facebook grow from 500 users to 1 billion.
A few Facebook executives rang in the new year by selling off some of their stock in the company, making a tidy sum in the process. Facebook board member Donald Graham, Vice President of Engineering Michael Schroepfer, General Counsel Ted Ullyot, and Chief Accounting Officer David Spillane all sold some of their social network stock in the past few days, according to Securities and Exchange Commission filings. And Chief Operating Officer Sheryl Sandberg converted a portion of her shares from class-B to class-A, making them easier to sell.
The big names at the top of Facebook’s corporate ladder are starting to cash in their shares. TechCrunch reported Friday that Chief Accounting Officer David Spillane sold 256,000 of his 416,000 shares. Spillane made a profit of roughly $5.376 million. Chief Operating Officer Sheryl Sandberg and General Counsel Theodore Ullyot also sold some of his Facebook shares.
What do Facebook Chief Operating Officer Sheryl Sandberg, Vice President of Advertising and Global Operations David Fischer, VP of Engineering Mike Schroepfer, Chief Financial Officer David Ebersman, Chief Accounting Officer David Spillane, and General Counsel Ted Ullyot have in common, besides the company that employs them? All six filed Form 4s with the Securities and Exchange Commission Friday to convert their restricted stock units into a total of 45.3 million class-B shares Oct. 29.
Washington State Attorney General Robert McKenna is joining Facebook’s legal department in combating a problem that up until now has been fought only with security technology.