Joanna Shields, head of social media group Facebook’s operations in Europe, is leaving to join a British government-sponsored venture to create London’s answer to Silicon Valley.<\/p>\n
Tech City Investment Organisation was set up in April 2011 to attract inward investment focused on an area in London’s east End, dubbed “silicon roundabout” and supporting start-ups looking to expand.<\/p>\n
It has signed up companies including Cisco, Google and Intel.<\/p>\n
“The success of Tech City shows just what can happen when we back some of our most innovative and aspiring companies to grow,” Prime Minister David Cameron said in a statement on Sunday.<\/p>\n
Shields, will join TCIO in January, said she would lead a drive that hopes to make London the number one location for tech in the world.<\/p>\n
Her departure will be a blow to Facebook, the world’s biggest social network, as the U.S. group seeks to reassure shareholders after a rough reception on Wall Street since its high profile listing in May.<\/p>\n
Concern about its slowing revenue growth rate has seen its market valuation halve – Facebook shares closed at $19.00 on Friday, compared with a $38.00 issue price in May.<\/p>\n
“Facebook supports the UK Government’s vision for building a stronger technology-based economy and start-up ecosystem, and we wish Joanna every success,” a company spokesman said.<\/p>\n
Earlier this week, Facebook opened an engineering centre in London, its first outside the United States.<\/p>\n
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