Throughout his time as Facebook CTO, Schroepfer has made a name for himself. Here's why Schroepfer is making a career shift and what's next for him after a long and wildly successful stint at Facebook.
Mike Schroepfer announces that he's stepping down as CTO, Mark Zuckerberg to replace him
In a major switch for Facebook's leadership, Schroepfer will step down from his role at CTO. Naturally, Schroepfer made the announcement in a Facebook post.
Facebook founder and CEO Mark Zuckerberg will fill the CTO role right away. Andrew Bosworth will take Schroepfer's place, which marks a shift for Bosworth from his current role as vice president of augmented and virtual reality at Facebook. Perhaps this executive switch makes a statement about where Facebook tech is headed.
Despite the fact Zuckerberg quickly filled the role, there aren't any hard feelings between him and Schroepfer. Zuckerberg said, "Schrep and I have had a close partnership over the years, and in addition to being a great leader, he’s also a great person and a close friend."
Where is Mike Schroepfer going next?
Following his departure as CTO, Schroepfer will transition to the role of Senior Fellow at Facebook. This transition will take place sometime next year and it will mark the start of a brand new role at the company.
Schroepfer plans to remain involved in Facebook's evolution within his upcoming role. He wrote, "This is a difficult decision because of how much I love Facebook and how excited I am about the future we are building together."
Why Mike Schroepfer is leaving his post
Schroepfer lays out some valid reasons for leaving Facebook as CTO, and they seem positive. "This change in role will allow me to dedicate more time to my family and my personal philanthropic efforts while staying deeply connected to the company," he said.
The future work with Facebook will include working on key initiatives, recruiting and developing technical talent, and fostering AI investments. Schroepfer specifically names PyTorch, which is an open-source AI framework that works to streamline the route from research prototyping to production deployment.
Schroepfer's departure (and Bosworth's entrance into the role) will take place gradually and be finalized sometime in 2022.
Mike Schroepfer's net worth won't suffer.
Schroepfer made an estimated $21.8 million in annual salary at Facebook. With 13 years under his belt, that's a lot of opportunity to build a valuable net worth. Also, Schroepfer's salary for his upcoming role as Senior Fellow will likely be premium.
Schroepfer is estimated to own in excess of 52,000 Facebook shares worth more than $216 million. He has already exited at least $460 million worth of Facebook equity.
Given these estimates, Schroepfer has an estimated net worth of $699 million. He and his family are set for life, and his philanthropic efforts to come will have no shortage of funding. Although he isn't a billionaire, Schroepfer's net worth is nothing shy of extraordinary.