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Facebook boards seeks to curb Mark Zuckerberg control if founder leaves

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Facebook’s board has proposed removing Mark Zuckerberg’s majority voting control if the social media giant’s chief executive and founder decides to exit management at some point in future.
In a proxy filing on Thursday with the US Securities and Exchange Commission, Facebook’s board said it will 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.

As of June 2, Zuckerberg beneficially owned about 4 million Class A shares and about 419 million Class B shares. This collectively represented about 53.8 per cent of total outstanding voting power and 14.8 per cent of total outstanding economic interests.

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