Facebook elevates top marketer to board
Facebook has elevated chief operating officer Sheryl Sandberg to its board of directors, the company’s first woman on the board.
Sandberg oversees all of Facebook’s business operations including marketing, communications, business development and sales.
Facebook’s chief marketing officer, former Levi’s CMO Rebecca Van Dyck, reports into Sandberg.
The board currently includes Facebook CEO Mark Zuckerberg, Netflix CEO and chairman Reed Hastings and Washington Post Company CEO and chairman Donald E. Graham.
Before joining Facebook, Sandberg was vice president of global online sales and operations at Google for more than six years. Prior to that, she was chief of staff at the US Treasury Department under former President Bill Clinton.
She also serves on the boards of Women for Women International, The Walt Disney Company and the Center for Global Development.
Facebook’s Zuckerberg says: “Sheryl has been my partner in running Facebook and has been central to our growth and success over the years.”
“Her understanding of our mission and long-term opportunity, and her experience both at Facebook and on public company boards makes her a natural fit for our board.”
Investors have welcomed Sandberg’s promotion, but The California State Teachers’ Retirement System, which owns almost 37,000 shares in Facebook, says the social network must continue to diversify the board to better represent its user base.
Jack Ehnes, CEO of the California State Teachers’ Retirement System, told Reuters: “We are optimistic Facebook is on its way to further expanding the board while simultaneously creating the diversity and independence we think is important to the future sustainability of this vibrant company. But we’re not there yet.”
Facebook’s shares closed down 3% last night (25 June) at 32.06, although they rose 0.28% in after hours trading. The social network’s valuation has dropped more than 15% since its initial flotation in May.
