October 16, 2019 Finance and Tech Publication

The group responsible for governing Facebook’s libra currency lost its managing director

A visual representation of digital cryptocurrency coins on display in front of Facebook and Libra logos.

Chesnot | Getty Images

The Libra Association that is responsible for governing Facebook’s proposed cryptocurrency lost its interim managing director, according to a person with direct knowledge.

Simon Morris, who was the Libra Association’s head of product and interim managing director, left the organization in August, according to his LinkedIn profile. The departure is the latest sign of trouble for Facebook’s proposed cryptocurrency, which is slated for launch in 2020.

As interim managing director, Morris was responsible for recruiting a team to fulfill the association’s various roles. Morris was with the Libra Association for five months. He has been replaced in the interim by Libra Association Chief Operating Officer Bertrand Perez, according to the source.

News of Morris’ departure comes shortly after PayPal announced its decision to withdraw as one of the association’s founding members. The Libra cryptocurrency has also faced a wave of pushback from concerned lawmakers and regulators around the globe.

Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on Oct. 23 on the company’s cryptocurrency plans.

Morris did not respond to a request for comment.

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