Facebook’s Katie Mitic, Ethan Beard Leaving for Startups

Facebook Inc. (FB) executives Katie Mitic and Ethan Beard are leaving to pursue new opportunities, bringing to three the number of high-profile management departures since the social-networking website’s May initial public offering.

Mitic, former director of platform marketing, will be working at a mobile startup, she said today on her Facebook profile page. Beard, who was director of platform partnerships, posted on his profile that he’s starting his own venture.

“After an amazing two years at Facebook, it’s time to start my next entrepreneurial adventure,” said Mitic, who is also on the board of online retailer EBay Inc. (EBAY) “I’m so grateful to have met, learned from and worked with the incredible people here.”

Facebook’s former chief technology officer, Bret Taylor, said in June that he was leaving. The resignations come as the company faces greater pressure to add products and services to woo more developers and users to its site. Since the May 17 IPO, Facebook’s shares have fallen 45 percent on concern that growth in advertising revenue won’t keep pace with membership.

Beard said he plans to take some time off to “recharge” before his new venture and thanked Chief Executive Officer Mark Zuckerberg and Chief Operating Officer Sheryl Sandberg.

“For the past 4+ years I’ve had the privilege of working with some of the most brilliant people on one of the most impactful products the world has ever seen,” he said.

Facebook, based in Menlo Park, California, fell 3.8 percent to $20.88 at the close in New York today.

To contact the reporter on this story: Brian Womack in San Francisco at bwomack1@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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