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Paypal

Facebook announced Friday that Peggy Alford, Senior Vice President, Core Markets of PayPal Holdings, Inc., has been nominated for election to the company's board of directors. The company also said that politician and businessman Erskine Bowles and Netflix CEO Reed Hastings, both of whom have been on Facebook's board since 2011, will not be nominated for re-election at the company's annual shareholder meeting in May.

Why it matters: Alford will become the first black woman nominated to Facebook's board in its history. Bowles' departure is significant, given that he was a vocal critic of Facebook's handling of Russian meddling on its platform. Facebook says it doesn't nominate board members over 72-years-old as a part of a long-standing policy. Bowles is 73.

Details: Alford, if confirmed at Facebook's annual stockholders meeting on May 30, will be one of of three women on Facebook's board, including Bill & Melinda Gates Foundation CEO Sue Desmond-Hellmann and Facebook COO Sheryl Sandberg. She becomes the second African American after CEO Ken Chenault.

  • Alford was named PayPal SVP in March. She previously served as CFO and Head of Operations for the Chan Zuckerberg Initiative, a philanthropic organization from Facebook CEO Mark Zuckerberg and his wife Dr. Priscilla Chan.
  • In a statement, Alford said she is excited about joining Facebook's board because the company's "drive and desire to face hard issues head-on while continuing to improve on the amazing connection experiences they have built over the years."
“Peggy is one of those rare people who’s 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."
— Mark Zuckerberg in a statement

The big picture: The nomination of Alford comes weeks after Facebook reached a historic settlement with the ACLU and other labor groups over advertising practices that allegedly discriminated against minorities.

  • Facebook has made changes to mitigate this problem, including removing ad targeting options for housing, job and credit ads, but still faces scrutiny.
  • Shortly after reaching that settlement, Facebook was hit with charges by the Department of Housing and Urban Development (HUD) for violating the Fair Housing Act by encouraging, enabling and causing housing discrimination through the company’s advertising platform.

Facebook’s current board members include Mark Zuckerberg; Marc L. Andreessen, Erskine B. Bowles, Kenneth I. Chenault, Susan D. Desmond-Hellmann, Reed Hastings, Sheryl K. Sandberg, Peter A. Thiel and Jeffrey D. Zients.

Go deeper

Mark Meadows will stop cooperating with Jan. 6 panel, attorney says

Photo: Chris Kleponis/Polaris/Bloomberg via Getty Images

Former White House chief of staff Mark Meadows will no longer cooperate with the House select committee investigating the Jan. 6 Capitol insurrection, his attorney told Fox News Tuesday.

Why it matters: Meadows, who failed to appear before the panel last month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

Updated 4 hours ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

Tina Reed, author of Vitals
4 hours ago - Health

Omicron gives a shot to boosters

Expand chart
Data: CDC; Chart: Will Chase/Axios

Vaccination rates have ticked higher since the discovery of the Omicron variant, CDC data shows.

By the numbers: The seven-day average for vaccinations in the U.S. reached about 1.8 million on Monday, up from an average of about 1.3 million a month ago.