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Facebook's General Counsel is Leaving Company
Facebook is losing its top lawyer.
Theodore Ullyot has decided to leave the social networking giant's legal department after almost five years as vice president, general counsel and secretary, according to media reports. A Facebook Inc. spokesman did not respond to a request for comment.
"Ted has been a valued member of Facebook's leadership who built our legal team through an intense five-year period in which we faced complex and high-stakes legal issues of all types," Facebook said in a statement to Bloomberg News.
To be sure, Ullyot fielded tests ranging from a long legal battle with the Winklevoss twins to a patent dispute with Yahoo Inc. Last year, he took Facebook public and then helped the company answer to irritated investors.
He was no stranger to the challenges of leading the legal department of a public company, having served as general counsel of AOL-Time Warner. He has worked at the top of the public sector, too, serving as White House counsel and chief of staff to U.S. attorney general Alberto Gonzales during the Bush administration.
According to securities filings, Ullyot holds restricted stock units which vest over time and would be worth about $35 million based on Friday's share price. That total includes a grant earlier this week worth almost $5 million.
This article originally appeared in The Recorder.