“Peggy is one of those rare people who’s an expert across many different areas — from business management to finance operations to product development,” Facebook CEO Mark Zuckerberg said of the change. “I know she will have great ideas that help us address both the opportunities and challenges facing our company.”
Alford, currently Senior Vice President of Core Markets for PayPal, will become the first black woman to serve on Facebook’s board. She previously served as the Chief Financial Officer of the Chan Zuckerberg Initiative, Mark Zuckerberg and Priscilla Chan’s massive charitable foundation.
Facebook announced some serious departures along with the news of Alford’s nomination. Longtime Facebook board members Reed Hastings and Erskine Bowles will leave the board, marking a major shakeup for the board’s composition. Both Hastings, the CEO of Netflix, and Bowles, a former Democratic political staffer, have served on the board since 2011. Both men have been critical of Facebook’s direction in recent years.