Facebook appoints two new Directors, making board 40% female

Facebook appointed two new female Directors, Tracey Travis, Chief Financial Officer of Estée Lauder Cos., and long time McKinsey & Co. Executive Nancy Killefer at a time when the board’s role at the social media company is under intense scrutiny.

The addition of the two women, announced in a statement makes Facebook’s board 40% female. Fewer than 10% of companies in the S&P 500 have reached that level of gender representation, according to data compiled by aa news source.

The Directors are joining the technology giant at a time of turmoil, as regulators and lawmakers question whether the company has monopoly powers and whether its advertising business relies too much on users’ personal data. Facebook’s 10-member board still have little control over the direction of the company, where Chief Executive Officer Mark Zuckerberg holds the majority of the voting power.

A California board diversity law, passed in 2018, would have required Facebook to have three female Directors by 2021. Women accounted for about 45% of new board seats among Russell 3000 companies based in California, compared with about 31% nationwide, according to data compiled by Bloomberg.