Meta Platforms Appoints Susan Li as Chief Financial Officer
Facebook parent company, Meta Platforms, made a significant change last summer by appointing Susan Li as their chief financial officer. This decision came at a time when the social-media giant reported a decline in year-over-year revenue for the first time ever.
As a 15-year veteran of Meta's finance team, Li has an extensive history with the company. Her transition into this role has been seamless from an investor's perspective.
Upon taking over from David Wehner, who is now the chief strategy officer, Li has been instrumental in leading Meta through a major strategy change. The focus has shifted towards improving profitability and controlling costs in response to lower growth. This shift was evident when Meta announced the reduction of 11,000 jobs in the fall, coinciding with Li's official start in her new position. Additionally, the company has recently unveiled plans to cut another 10,000 jobs.
CEO Mark Zuckerberg will now be sharing the spotlight with Meta's new CFO, as the Street closely watches their cost-management strategy. During Meta's fourth-quarter earnings call, Li emphasized the company's goals for the year ahead: to "move faster, increase productivity, and reduce costs across the business." Zuckerberg has declared 2023 as Meta's "year of efficiency," with Li serving as his efficiency expert in chief.
It is clear that Meta Platforms is taking decisive steps to navigate through challenges and optimize their operations under Susan Li's financial leadership.
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