- Before this appointment, Bunnell co-chaired a law firm dubbed O’Melveny & Myers.
- Bunnell has taken over from Robert Werner, who served as Libra’s top lawyer for three months.
- Bunnell’s appointment comes after Facebook launched Facebook Financial (F2).
The Libra Association has hired Stevan Bunnell, the former general counsel for the US Department of Homeland Security as its new leading general counsel. A report unveiled this news on August 27, noting that prior to this appointment, Bunnell co-chaired O’Melveny & Myers, a data privacy-focused legal firm since 2017. Bunnell’s appointment comes after Libra’s former general counsel, Robert Werner, stepped down from the position.
According to the report, Werner decided to resign as the Libra Association’s general counsel after realizing the position was not fit for him. Per Werner, manning general counsel position meant that he would have to let go of his spot on the board of directors for Deutsche Bank Trust Co. He confirmed that Bunnell would assume his role at Libra. Werner went on to vouch for Bunnell, saying that he is an outstanding lawyer and a great guy.
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Werner joined the Libra Association in May this year. However, neither Facebook nor the association publicized his departure. Instead, the association opted to remove his name from its list of executives earlier this month. Before his short-lived service at Libra, Werner directed the Financial Crimes Enforcement Network (FinCEN). Apart from this, he worked as the senior counsel to The Under Secretary of The Treasury.
Facebook strives to revolutionize the FinTech sector
The news of Bunnell’s appointment comes two weeks after Facebook rolled out a new product group that intends to disrupt the FinTech sector. Reportedly, the newly-launched product division is dubbed Facebook Financial (F2), and it aims to promote payments and commerce opportunities.
F2 will handle its payments initiatives, which include Facebook Pay, a project that Facebook plans to launch. Libra’s co-creator, David Marcus, will be in charge of the division and Upwork’s former CEO, Stephane Kasriel will serve under Marcus as vice president.
Commenting on this development, David Marcus said,
“We have a lot of commerce stuff going on across Facebook. It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments.”