Facebook nabs Google executive

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Facebook has snapped up former Google vice president of global online sales and operations, Sheryl Sandberg, as the company's new chief operating officer (COO).

In her new role, Sandberg - who was in charge of developing the search giant's AdWords and AdSense online advertising services - will have responsibility for business development, communications, human resources, marketing, privacy issues, public policy and sales. She will report directly to Mark Zuckerberg, the company's chief executive.

"Sheryl is a great manager who will help scale Facebook's operations globally," said Zuckerberg. "She has relevant experience and a track record of scaling business operations and building new kinds of advertising networks. Sheryl understands Facebook's goal of connecting everyone in the world and is passionate about building a business that will enable us to realise this mission."

Of her new role, Sandberg added: "I have learned so much during my time at Google, and I've loved working with the people there... Together, with Mark and the great team at Facebook, we'll be able to scale this company into a global leader and enable Facebook users worldwide to communicate and share information better. I am thrilled to have this opportunity."

The departure of Sandberg, who during a six-year career was instrumental in developing Google's fast-growing online advertising business, marks one of the first senior executives at the web search leader to leave the company since its sensational initial public offering in August 2004.

"It is a significant move," Oppenheimer analyst Sandeep Aggarwal said. "This could be the start of others leaving."

Shares of Google slid 4.2 per cent, trading below a 52-week low for the first time since its IPO three-and-a-half years ago and removing a technical crutch that had supported the stock.

Chief financial officer George Reyes said he would retire in August - the three-year anniversary of Google's IPO - when pre-IPO stock options had fully vested for executives. Reyes remains at Google as it seeks to hire a replacement.

Symbolically, Facebook's move to hire Sandberg represents the passing of the crown as Silicon Valley's hottest start-up from Google to Facebook, which over the past year has emerged as the high-tech world's new darling.

"While there is no comparison between Google and Facebook in revenue terms, Facebook, in terms of popularity and impact, has a very similar profile to the pre-IPO Google," Aggarwal said of Facebook's growing momentum.

"Clearly, Facebook has a similar type of promise that Google had," he said.

(Additional reporting by Dan Burns, Reuters)

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