October 6, 2012
Ex-Clinton Press Secretary Lockhart Leaving Facebook
redOrbit Staff & Wire Reports — Your Universe Online
Former White House press secretary Joe Lockhart is stepping down as Facebook's VP of Communications, citing a desire to spend more time on the east coast, various media outlets reported Friday.
Lockhart's departure from his full-time position was confirmed to CNET by a Facebook spokeswoman, who cited Lockhart's "desire to remain on the East Coast" as the primary reason. However, in light of other recent departures from the company -- including former head of platform partnerships Ethan Beard and former director of platform marketing Katie Mitic in August -- some experts are claiming that there may be other underlying reasons.
"Since the social network's public offering in May, in which shares dropped from an opening $38 to $21 today, three executives have left the company," she added. "Back when Facebook hired him, Lockhart didn't seem to have a problem with moving, saying he planned a Bay Area relocation after his daughter graduated high school."
Regarding the popular social network's stock issues, Potential Trader's Crystal Barker said that while Facebook is currently ahead of its 52-week low by 25.06%, they are also trailing their 52-week high price by more than 50%.
"His departure comes as Facebook struggles with its new status as a public company," Tam noted. "Facebook's move last year to hire someone of Lockhart's caliber was the social network's way of showing the business world it was a serious company, and having an executive with political ties and experience would obviously also help the company make inroads in D.C."