Facebook this week named Tracey Travis, Estee Lauder’s chief financial officer, and Nancy Killefer, a senior McKinsey executive, as directors of the company. For now, Facebook’s board membership is being closely watched. Facebook said in a statement Monday that the addition of the two female directors made 40 percent of Facebook’s board members female.
Less than 10 percent of companies in the Standard and Poor’s 500-stock index share the same gender, according to data compiled by Bloomberg. In addition, Travis’s addition means that there are two black women on Facebook’s board.
More recently, regulators and lawmakers are questioning Facebook’s monopoly and whether facebook’s advertising business relies too heavily on personal data. Facebook’s 10-member board has little influence on the company’s direction, as CEO Mark Zuckerberg controls most of the company’s voting rights.
Gilfield retired from McKinsey in 2013 and worked for the U.S. Treasury and the IRS. “In the next few years, the internet, which has influenced generations, is likely to take shape, ” she says. I want to make my contribution to Facebook’s commitment to being a responsible force for good in the world. “
Travis’ experience in retail can help Facebook understand the needs of advertisers. She is optimistic that Facebook can “make our world a better place.” “Building a community has never been more important, and it’s critical to Facebook’s mission. “
Other women on Facebook’s board include Chief Operating Officer Sheryl Sandberg and PayPal’s Peggy Alford. Other investors, Peter Thiel and Marc Anderson, and Drew Houston, Zuckerberg’s close friend and Dropbox CEO, are among the others.
The California Board Diversity Act, passed in 2018, requires Facebook to have at least three female directors by 2021. According to Bloomberg, women make up about 45 percent of new board seats in California, compared with about 31 percent in the U.S. nationally.