Facebook hires first chief compliance officer amid regulatory scrutiny
Facebook announced that it has hired its first chief compliance officer as the company faces scrutiny from regulators.
Henry Moniz will join Facebook on Feb. 8 to head the social media giant’s compliance team, The Wall Street Journal reported. Moniz previously served as chief compliance officer and chief audit executive for media company ViacomCBS and will be the first to hold the title of compliance chief at Facebook.
Moniz will work under Facebook’s general counsel Jennifer Newstead, according to the Journal, and report to a board committee that oversees audit and risk. Facebook reportedly hopes Moniz’s appointment will help the company move toward its goal of enhancing global compliance and risk management as well as promoting high standards of legal and ethical conduct.
“The current regulatory environment demands strong compliance leadership, and Henry will play a key role in driving our ongoing commitment to continually strengthen our global compliance and risk management functions,” Newstead said in a statement.
Facebook has faced increasing pressure from lawmakers and other regulators globally on issues of privacy, competition and taxes.
Earlier this month, Sen. Ed Markey (D-Mass.) sent a letter to the company raising concerns about it continuing to recommend political groups to users despite top executives claiming the platform would stop doing so. Markey said that the situation cast doubt on Facebook’s compliance.
“These findings cast serious doubt on Facebook’s compliance with the promises you have publicly made to me and to your users,” Markey said at the time, referencing CEO Mark Zuckerberg’s statement to a Senate committee that Facebook had “taken the step of stopping recommendations in groups for all political content on social issue groups.”
Facebook has had a compliance group, but Moriz will be the first to be a dedicated compliance officer, the Journal reported.
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