Peggy Alford, senior vice president and core markets of PayPal, may join the Facebook board of directors. The election will take place May 30 at its annual meeting of stockholders.
Mark Zuckerberg, Founder and Chairman/CEO of Facebook said, Peggy is one of those rare people who is an expert across many different areas — from business management to finance operations to product development.
“I know she will have great ideas that help us address both the opportunities and challenges facing our company,” Zuckerberg said.
Alford said she is excited about the opportunity to join Facebook as the company desires to face difficulties head-on.
“I look forward to working with Mark and the other directors as the company builds new and inspiring ways to help people connect and build community,” she said. Peggy will become the first black woman to serve on Facebook’s board of directors.
Alford has served in her current position at PayPal since March 2019, and from September 2017 to February 2019, she was CFO and Head of Operations for the Chan Zuckerberg Iniative, a philanthropic organization. She held senior positions at PayPal from May 2011 to August 2017 including vice president, chief financial officer of Americas and other positions. Alford was the general manager of Rent.com from October 2005 to March 2009.
According to blackenterprise.com, Alford will still need to be voted onto the board before the position is made official at the next Facebook shareholder’s meeting.
“Upon her official appointment, Alford would be the second African American on Facebook’s board,” Blackenterprise.com reported. “Last year, retired American Express CEO Ken Chenault joined the social media company’s board. Zuckerberg said at the time that he has been trying to recruit Chenault ‘for years.’”
Two Facebook executives are also preparing to step down, Reed Hastings and Erskine Bowles, according to pymnts.com.
“Facebook declined to comment, but a filing by the company stated that ‘it is the general policy of our board of directors not to nominate directors who have reached the age of 72 for re-election, although the board of directors may determine to waive this policy in individual cases,’” Pymnts.com wrote.
In March one of Facebook’s longtime executives, Chris Cox announced his departure from Facebook.
Alford’s career began as an auditor for Arthur Andersen LLP in 1993, and as a business consultant for technology, consumer products, manufacturing, government and education businesses. She earned her B. S. in Accounting and Business Administration from the University of Dayton and is a certified public accountant.