Facebook Parent Meta Creates New Position for Its CFO

Facebook Parent Meta Creates New Position for Its CFO

Summary : Facebook parent Meta Platforms Inc. carved out a new role for its longtime chief financial officer David Wehner, promoting him to chief strategy officer, an uncommon title for a former CFO. A more well-trodden path for finance chiefs is to take on the mantle of chief operating officer. By creating a new role for Mr. Wehner, Meta is facilitating a transition for Ms. Li, whom recruiters described as a rising star in corporate finance, and someone who has been on the shortlist for top finance jobs outside Meta.

Among S&P 500 and Fortune 500 companies, 17% of sitting CFOs who were promoted internally previously served as corporate finance executives, making it the most common steppingstone to the job, according to data from recruiting firm Crist Kolder Associates.

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