October 23, 2012
Facebook (Nasdaq: FB ) is losing the head of its international operations to a London-based tech consortium. VP and Managing Director Joanna Shields, responsible for Facebook's Europe, Middle East and African markets, will be taking the reins in January of the Tech City Investment Organization.
Tech City is a U.K. government-funded effort with a mission to turn London into the Silicon Valley of Europe. The Daily Mail is reporting that Shields will earn 115,000 pounds annually as CEO of the organization, comparing her compensation to the prime minister's and criticizing the amount of U.K. tax Facebook paid.
The objective of Tech City is two-fold: (1) ease the burden tech-related companies face to get started and (2) generate investment interest for young, growing IT firms. IT leaders including Shield's former employer Google (Nasdaq: GOOG ) , Intel (Nasdaq: INTC ) and Cisco (Nasdaq: CSCO ) have already written checks to the consortium.
"The seeds have been sown in East London for a dynamic and successful cluster: we have the infrastructure, the technology and the talent, now we need to accelerate the growth," said Shields in a press release.