(Corrects spelling of Hellmann throughout)
By Alexei Oreskovic
SAN FRANCISCO, March 6 Facebook Inc
appointed a former Genentech executive to its board of directors
on Wednesday, the social networking company's latest move to
expand its boardroom following its initial public offering last
Susan Desmond-Hellmann, the Chancellor of the University of
California, San Francisco, becomes Facebook's ninth director and
the second woman on its board.
A former president of product development at Roche
Group-owned biotechnology company Genentech,
Desmond-Hellmann also sits on the board of directors of Procter
& Gamble Co.
Facebook Chief Executive Mark Zuckerberg cited
Desmond-Hellmann's experience shaping public policy and
operating public companies.
Desmond-Hellmann will serve on the board effective
immediately, but will have to be elected by shareholders, along
with the other Facebook directors, at the company's annual
meeting in June.
Facebook Chief Operating Officer Sheryl Sandberg joined
Facebook's board in June 2012, a month after the company's rocky
initial public offering.
The world's No. 1 online social network became the only U.S.
company to debut with a market value of more than $100 billion.
But its shares plunged more than 50 percent in the months after
the IPO on concerns about its long-term money making prospects.
Facebook shares have rebounded roughly 56 percent from their
52-week low, finishing Wednesday's regular trading session at
(Reporting By Alexei Oreskovic; Editing by Alden Bentley)