Facebook Inc has appointed an old hand to become part of its board of directors. The new director is Susan Desmond-Hellmann, the Chancellor of the University of California San Francisco is the second woman on the now nine member board of the social networking giant.
The move is designed to expand its boardroom after its IPO last May. Hellmann is an old hand, being the former president of product development of Genentech, a Roche Group owned company. She also sits on the board of Procter and Gamble. According to Facebook CEO Mark Zuckerberg, she was chosen for her experience in shaping public policy and operating public companies. She may already serve on the board but would need to be formally elected by shareholders together with other directors of the company on its shareholder meeting in June.
Facebook was the first US company to debut with a market value of more than US$100 billion but shares quickly fell of the cliff to less than 50% of original value after the IPO due to issues as to long term revenue generation capacity of the company.
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