MENLO PARK, California — Facebook Inc. has nominated Peggy Alford, an executive at PayPal Holdings Inc., to its board according to reports from Bloomberg.
“It is the general policy of our board of directors not to nominate directors who have reached the age of 72 for re-election, although the board of directors may determine to waive this policy in individual cases,” Facebook said in a separate filing on Friday.
Longtime directors Netflix Inc. Chief Executive Officer Reed Hastings and Erskine Bowles (73), a former chief of staff to President Bill Clinton, will step down.
Alford has been senior vice president, core markets, at PayPal since March after previously spending about 18 months as chief financial officer and head of operations for the Chan Zuckerberg Initiative, the nonprofit foundation of Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan.
The board election will be held at Facebook’s annual shareholder meeting scheduled May 30, the company said Friday in a filing.