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.
Several top Facebook executives, including Chief Operating Officer Sheryl Sandberg, are sitting on hundreds of millions of dollars worth of their company’s stock, but they have no plans to sell. As 234 million shares of Facebook stock became unlocked and eligible to sell Monday, Business Insider discovered just how much key Facebook executives are sitting on.