Fewer than 10% of companies in the S&P 500 have reached that level of gender representation. FMTNews FacebookInc SocialMedia
SAN FRANCISCO: Facebook Inc named two new directors, appointing Tracey Travis, chief financial officer of Estee Lauder Cos, and long-time McKinsey & Co executive Nancy Killefer at a time when the board’s role at the social media company is under intense scrutiny.Fewer than 10% of companies in the S&P 500 have reached that level of gender representation, according to data compiled by Bloomberg. Adding Travis also means the board has two black women.
Facebook’s 10-member board still has little control over the direction of the company, where Chief Executive Officer Mark Zuckerberg holds the majority of the voting power. Travis, whose experience in the retail industry could help Facebook understand the needs of advertisers, said she was optimistic that the Menlo Park, California-based company could indeed “change our world for the better”, according to the statement.
A California board diversity law, passed in 2018, would have required Facebook to have three female directors by 2021.
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