Friday, October 5, 2012

Facebook Inc (NASDAQ:FB)’s Global Communications Head Resigns

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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