Facebook Board Rejects Move To Diminish Zuckerberg’s Power
Facebook Inc. rejected two proposals intends to quell Mark Zuckerberg’s control over the company in a board meeting held on Wednesday.
The board rejected a proposal to replace Zuckerberg as Chairman, a position he has held since 2012, and also swatted down a move to eliminate the super-voting shares that give him the controlling stake, around 59 per cent, in Facebook.
Under these proposals, an independent representative would be brought in as Chairperson, and each investor would have been awarded one vote per share.
Both proposals have been floated and turned down in the past.
Facebook agreed to reappoint its current board directors including high-flyers Sheryl Sandberg and PayPal co-founder Peter Thiel.