Head of global communications in Facebook
Inc(NASDAQ:FB), Joe Lockhart is resigning from the company. This news comes
after the social networking company’s dismal initial public offering in May.
Lockhart was with the company for 15 months and he used to work as a press
secretary for former President Bill Clinton between 1998-2000. He is also the
co-founder of the Glover Park Group communications firm in 2001.
A spokesperson from the company has stated that
the reason for Lockhart’s departure is that he is unwilling to move to the
headquarters of Facebook in California ,
as he wishes to stay on the East Coast. Facebook wants to retain Lockhart as an
independent consultant.
On Thursday, Facebook made an announcement of
crossing a billion monthly active users. It is currently one of the most famous
Web destinations along with websites whose owners are Microsoft, Yahoo, and
Google. Wall Street is not too positive though, mostly due to issues about the
revenue percentage coming down. Facebook’s shares declined 4.73% at $20.91 in Friday's session and its market value went down by more than 40%.
Joe Lockhart’s departure is preceded by the
company’s Chief Technology Officer Bret Taylor, who had said in June that he
would leave Facebook and the directors of platform partnerships and product
management have also stepped down.
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