Libra Association loses head of product

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

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

Simon Morris 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.

Morris was only in the role on an interim basis, according to the person, and will not be replaced until the association finds a permanent managing director. Currently, Libra Association Chief Operating Officer Bertrand Perez is acting as interim managing director.

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.

Correction: An earlier version of this story and its headline misstated Morris’ title. He was the product chief at the Libra Association.

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