Facebook (FB) and the Federal Trade Commission are discussing a settlement that would require the social network to place high-level privacy focused executives in senior-level roles throughout the company, and make CEO Mark Zuckerberg personally accountable for any future privacy breaches, Politico reported.
Citing sources close to the ongoing negotatiions, Politico said Facebook and the FTC were working toward a settlement that would include placing senior officials throughout the company to monitor and prevent future data security breaches - in addition to paying the expected multibillion-dollar fine the company disclosed last week.
The steps, which are subject to change until a deal is final, would include appointing a federally approved privacy official and creating an "independent" privacy oversight committee that may include Facebook board members, Politico reported, citing an anonymous source.
In addition, Zuckerberg would take on the role of "designated compliance officer" responsible for carrying out the company's privacy policies - making him personally accountable for Facebook's handling of any future privacy issues, Politico said.
Facebook disclosed last week that it anticipated a cash penalty in the range of $3 billion to $5 billion to settle the FTC's investigation, launched more than a year ago amid the Cambridge Analytica data scandal, which involved the now-defunct company gaining access to personal data of 50 million Facebook users as a way to gain information to be used to influence U.S. voting patterns.
The source told Politico that the fine would be "probably within the high end of that range."
Facebook shares were down 0.2% at $192.56 in early trading on Thursday. Year to date, Facebook shares have risen more than 43%.