Facebook Board Proposed Removing Mark Zuckerberg’s Majority Voting Control in Facebook
Facebook Inc's board has proposed removing Mark Zuckerberg's majority voting control in the event of the social media giant's chief executive and founder deciding to exit management at some point in future.
In a proxy filing with the U.S. Securities and Exchange Commission, Facebook's board said it would ask shareholders to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he is no longer in a leadership position. The move was first proposed in late April in a regulatory filing.
As of June 2, Zuckerberg beneficially owned about 4 million Class A shares and about 419 million Class B shares, collectively representing about 53.8 percent of total outstanding voting power and 14.8 percent of total outstanding economic interests.
The proposed move,...