Facebook to Appoint Chief Privacy Officer Post $5bn Fine

Facebook said on Wednesday, after receiving a $5 billion settlement with the U.S. Federal Trade Commission (FTC), it will set up its board’s new privacy committee to supervise its privacy program, in addition to appointing a Chief Privacy Officer for Products.

Facebook agreed to pay the historic penalty to settle FTC charges that deceived consumers about their capacity to regulate their private information’s privacy.

“We’ve agreed to pay a historic fine, but even more important, we’re going to make some major structural changes to how we build products and run this company,” CEO of the social networking giant, Mark Zuckerberg, wrote in his Facebook page.

He said that Facebook had already requested one of its most experienced brand leaders to assume the position of Product Chief Privacy Officer. However, the CEO of Facebook said the new dedication to privacy could slow down the process of rolling out new products.

At its annual F8 meeting in San Jose, California in April, addressing nearly 5,000 developers, Zuckerberg said gaining confidence from customers was his top agenda.