Meta taps Dina Powell McCormick as president and vice chairman
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Dina Powell McCormick. Photo: Christopher Pike/Bloomberg via Getty Images
Dina Powell McCormick, a prominent banking executive and former Republican official, is joining Meta full-time as president and vice chairman, reporting to CEO and founder Mark Zuckerberg, a spokesperson confirmed to Axios.
Why it matters: Powell McCormick's connections to the global finance community have put her at the center of dealmaking across industries that matter to Meta in the AI era, such as energy and tech infrastructure.
- "Dina's experience at the highest levels of global finance, combined with her deep relationships around the world, makes her uniquely suited to help Meta manage this next phase of growth as the company's President and Vice Chairman," Zuckerberg said in a statement.
- In a separate post, Zuckerberg said Powell McCormick "will be involved in all of Meta's work, with a particular focus on partnering with governments and sovereigns to build, deploy, invest in, and finance Meta's AI and infrastructure."
- She was a Meta board member from April to December last year.
Zoom in: Powell McCormick will join Meta's management team, helping guide the company's overall strategy and execution, the company said.
- "She will partner with the compute and infrastructure teams to ensure our multi-billion-dollar investments execute against our goals and drive positive economic impact in the communities where we operate around the world," Meta said in a statement.
- "And, she will drive an effort to build new strategic capital partnerships and find innovative ways to expand our long-term investment capacity."
JPMorgan Chase CEO Jamie Dimon said in a statement to Axios: "I've known Dina for about 20 years and run into her all over the world. She's an exceptional banker with superb relationships. Clients have deep respect for her given her knowledge, experience ability to execute and deliver, and the fact she works so hard."
- "She is a better banker and has more or better relationships than many big finance CEOs," Dimon added.
Catch up quick: Powell McCormick joins Meta from BDT & MSD Partners, a powerful merchant bank based in Chicago. She previously spent 16 years in senior leadership roles at Goldman Sachs.
- She served as deputy national security adviser to President Trump in his first term, and was an assistant secretary of state under President George W. Bush.
- She is married to Sen. David McCormick (R-Pa.).
Of note: Powell McCormick's old firm was rumored to be tied to the deal to sell TikTok.
- Tech entrepreneur Michael Dell of BDT & MSD Partners was expected to be among the U.S. investors who would be part of the potential deal for TikTok, Trump said in September.
- That could still be the case. There's a 5% stake that has yet to be named, according to TikTok's most recent divestiture announcement.
- In a statement, Gregg Lemkau, co-CEO of BDT & MSD Partners, said Powell McCormick "has been an extraordinary leader at our firm, and we are incredibly proud of her appointment as President of Meta, reflecting the depth of her experience and judgment. We are delighted that she will continue her work with us as a member of our Advisory Board."
The big picture: Powell McCormick's hiring reflects a new era for Meta, one where it's focused on building new tech, instead of simply maintaining its legacy ad business and defending itself against policy critics.
- It's notable that Powell McCormick doesn't come from an advertising background, despite the fact that Meta's core revenue stream is still advertising.
