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Facebook spends USD 22.6 million to keep Mark Zuckerberg safe

15 April 2019

Netflix chief Reed Hastings will depart Facebook's board of directors at the end of next month, according to a Friday filing with U.S. regulators by the leading social network.

The changes come as Facebook struggles to move past two years of damaging scandals, from Cambridge Analytica to the social network's role in spreading hate speech that fueled genocide in Myanmar.

"What excites me about the opportunity to join Facebook's board is the company's drive and desire to face hard issues head-on while continuing to improve on the unbelievable connection experiences they have built over the years", she said. As Facebook is increasing focus on its video side, it is poised to directly compete with Netflix among a growing pool of content buyers.

In March Zuckerberg outlined a "vision" for the future of social media that he said would hinge on privacy. In December, over 400 million people viewed at least one video on Facebook Watch. Former American Express CEO and managing director at General Catalyst Kenneth I. Chenault was the first African-American to join Facebook's board.

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Alford is also a board member at real estate investment trust Macerich Company.

The company also said it would nominate PayPal's senior vice-president of core markets, Ms Peggy Alford, to its board in place of University of North Carolina president emeritus Erskine Bowles, who will also not be re-nominated. Former American Express CEO Kenneth Chenault joined past year amid pressure from activists to add black representation to the all-white board. Shareholders will take vote in the election of Alford and the re-election of other board members at the company's annual meeting on May 30.

Facebook's founder and CEO Mark Zuckerberg speaks at the Viva Tech start-up and technology summit in Paris, France, May 24, 2018.

"What excites me about the opportunity to join Facebook's board is the company's drive and desire to face hard issues head-on while continuing to improve on the awesome connection experiences they have built over the years", Alford said in a statement.

Facebook spends USD 22.6 million to keep Mark Zuckerberg safe