Key Takeaways
- Meta Platforms named Dina Powell McCormick, an appointee under two Republican administrations, its president and vice chairman.
- The role is intended to “ensure our multi-billion-dollar investments execute against our goals,” the company said.
Social media giant Meta Platforms on Monday named a former Trump appointee to a high-ranking executive position.
Meta (META), owner of Facebook, Instagram, and WhatsApp, named Dina Powell McCormick its president and vice chairman. The company said she would help guide its strategy and execution, highlighting work to “ensure our multi-billion-dollar investments execute against our goals,” build partnerships, and expand its investment capacity.
Why This Matters to Investors
Meta’s latest high-profile executive hire is a veteran of President Donald Trump’s administration, as well as a former appointee under former President George W. Bush. The company, meanwhile, is among the U.S. tech sector’s biggest spenders as it seeks to build out its AI capacity.
Powell McCormick, who was named to Meta’s board last year, was previously at BDT & MSD Partners, a merchant bank. She was President Donald Trump’s deputy national security advisor, Meta said, as well as an assistant secretary of state under former President George W. Bush. Trump on social media called her “a fantastic, and very talented, person.”
Meta, which according to Visible Alpha has a market capitalization of about $1.65 trillion, is among the most valuable companies in the S&P 500, part of the Magnificent Seven group of big tech stocks, and among the big spenders and builders of AI technology. Its shares, though edging lower Monday afternoon, are up roughly 5% over the past 12 months.
Meta late last week announced deals with three nuclear energy companies, meant to help power its data center network.
“Power availability is a key constraint for data center expansion, likely prompting Meta to secure long-term energy partnerships to lock in capacity and pricing certainty,” Bank of America analysts wrote Monday. “For those that view AI capacity as a key strategic asset, these deals should help support Meta’s AI capacity growth for the next decade.”
The company is also seeking to build its smart-glasses business, viewed as a possibly valuable access point to AI technology, and evolving its approach to teen safety online.