Former British Deputy Prime Minster Nick Clegg has joined the Facebook team, to replace Elliot Schrage as VP of global affairs and communications. We at Classiarius have pointed out in our recent videos that many of these social media companies lack adult supervision as they have inexperienced senior managers, who are likely very good engineers and sales people, but lack the skill sets need to manage a firm in crisis.
Facebook, Twitter, Google and many other social media companies like Youtube have qualified people who, in many cases, have never experienced a market slowdown, downturn or recession. They have managed these companies during explosive growth periods, as such lack the strength to adjust to challenges the firm would face during a major crisis. Keep in mind that sales and expansion are great protectors as firms with high growth can ignore the internal challenges and face the external world. This period of expansion may be over for some of these firms.
The European Union, with no laws that ensure free speech, have been increasing pressure on these social media companies even when fact based arguments are presented. Also, with regards to guidelines for collecting and storing data, dubbed GDPR, there have been new rules set in place in 2018 that outline restrictions. These rules and guidelines are put in place to protect consumers after there have been several million user IDs and personal information have been leaded. Facebook has several empty chairs at the top and Mr Clegg will bring some stability to the table.
In Mr Clegg`s words, he will “play a role in helping to navigate the journey.” He is known for speaking several European languages, is a Europhile and was strongly against Brexit. Clegg is the former leader of the centrist Liberal Democrats Party in he UK.