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Facebook nominates Peggy Alford, first black woman, to board

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.

PayPal CEO offers $25m in cash advances for federal employees

PayPal CEO Dan Schulman. Photo: John Lamparski/Getty Images

PayPal CEO Dan Schulman announced in a USA Today op-ed Friday that the company would be committing $25 million in interest-free cash advances to federal employees impacted by the government shutdown.

Details: Schulman writes that 40% of all Americans aren't able to cover a $400 emergency expense, and that nearly 80% of full-time workers live paycheck to paycheck. Because many in the private sector are "in a position to help," Schulman writes, PayPal will offer up to $500 in interest-free cash advances to "any existing or new PayPal Credit customers who are federal employees and are struggling to make ends meet."

Go deeper: All the ways Americans are feeling the effects of the shutdown