Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 24, 2022, David Wehner informed Meta Platforms, Inc. (the “Company”) of his decision to transition from his position as the Company’s Chief Financial Officer to a new role as the Company’s Chief Strategy Officer, effective as of November 1, 2022. The Company’s Board of Directors expects to appoint Susan Li as the Company’s Chief Financial Officer, effective as of November 1, 2022.
Ms. Li, 36, has served in various positions with the Company since 2008, most recently as Vice President of Finance. Prior to joining the Company, Ms. Li was an investment banking analyst at Morgan Stanley. Ms. Li has also served on the board of directors of Alaska Air Group, Inc. since 2018.
At the time of this report, the Company has not entered into any compensation arrangements with Mr. Wehner or Ms. Li in connection with the announcement described above.
John Hegeman, Ms. Li’s spouse, is employed by the Company as Vice President, Ads & Business Products. In 2021 and the first half of 2022, Mr. Hegeman earned total compensation, consisting of base salary, bonus, and other compensation, including the grant date fair value of an RSU award (which award vests over a period of four years), of approximately $15.0 million and $18.9 million, respectively.