David Fischer, son of Bank of Israel governor Stanley Fischer and the man who raked in the revenues for search giant Google, has defected to facebook. His abrupt move is another milestone in the war between the two Internet titans.
Fischer the younger, 37, was one of the five top people at the global Google enterprise. His formal title was vice president in charge of Global Online Sales & Operations.
Nabbing him is a coup for facebook, as Fischer is considered to be the mind behind AdWords, which was a breakthrough technology - its "flagship advertising product and main source of revenue" - as Wikipedia puts it.
AdWords introduced pay-per-click and targeted banner advertising. Its contribution to Google's $21 billion in advertising revenues in 2008 was considered significant. In 2009, Google brought in $22.9 billion in advertising revenues, based on unaudited results.
Fischer will be fulfilling the same function for facebook, becoming its VP Advertising and Global Operations. Google settled for thanking Fischer for his "many contributions" and wishing him the best of luck.
Before joining high-tech, Fischer worked at the U.S. Treasury Department during the Clinton administration, where he advised on economic policy. Before his stint at the Treasury, he served as associate editor at U.S. News & World Report. He held several positions at Google since joining that company in 2002.
Before his defection, Google had fulsomely praised Fischer on its corporate Web site. Any mention of Fischer is now gone.
Facebook's chief financial officer, Sheryl Sandberg, also an ex-Googler, told the Wall Street Journal that the sheer ability to obtain somebody of Fischer's stature attested to facebook's potential regarding advertising income.
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