Facebook boards seeks to curb Mark Zuckerberg control if founder leaves



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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