Facebook shares fall as it hires a new Chief Marketing Officer

Facebook shares closed lower Thursday after the social media platform announced it had hired a new CMO to join its leadership team.

Facebook shares fall as it hires a new Chief Marketing Officer

Facebook shares closed lower in the US Thursday, as the social media platform announced it had hired a new Chief Marketing Officer. Antonio Lucio joins from HP and will replace Gary Briggs, who announced his retirement in January.

Facebook shares ended the US Thursday trading session 0.43% lower at $172.90. The stock is currently a touch higher in out-of-hours trading activity.

Facebook’s new CMO hire

Facebook said it has been searching for the right person to lead its marketing plans since the beginning of the year. And, in Lucio, it has found exactly what it needs.

“Facebook's story is at an inflection point,” said Facebook’s chief product officer, Chris Cox, in a Facebook post.

“We have never faced bigger challenges, and we have never had more opportunities to have a positive impact on the world — in our families, our friendships, our communities, and our democracy — by improving our products at their core, and then by telling the story outside that we all know to be true inside,” Cox said.

Those challenges are facing the entire tech industry, particularly those platforms, who, like Facebook, are the gatekeepers of swathes of personal data and rein over systems that can be manipulated by ‘bad actors’.

Experienced hand

Lucio will join Facebook on September 4th, after three years leading HP’s marketing department and overall messaging. Prior to his time with HP, Lucio was also CMO at Visa and PepsiCo.

Cox describes Lucio as “a leader, a marketer, an operator, and a wise, gracious, and deeply principled human being.”

In addition, he praised his view of the need for authenticity and integrity for global brands.

For much of 2018, Facebook has been embroiled in a variety of scandals, from the data breach relating to Cambridge Analytica, to the widespread political propaganda it allowed to infiltrate its platform during sensitive times around important elections.

This latest addition to its leadership team has no doubt been carefully planned and made with hopes Lucio can help repair its reputation.

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