Shareholders Vote To Keep Zuckerberg In Charge Of Facebook
Facebook Inc (NASDAQ: FB) held its annual shareholder meeting Monday and made moves to keep the company's leadership in tact. Facebook shareholders approved a proposal that allows Mark Zuckerberg to remain in charge of Facebook as he intends to donate a majority of his shares to charity.
To keep the Facebook CEO in control, the company plans to issue two shares of Class C shares for every Class A and Class B shares held by its shareholders; effectively creating a 3-1 stock split. This move allows the CEO to sell his non-voting stock while retaining Class A and B shares, allowing Zuckerberg remain in control of the company he founded.
Zuckerberg says he wants to put 99 percent of his shares in Facebook to a new philanthropy project. Shareholders kept all eight board members in tact, including Paypal Holdings Inc (NASDAQ: PYPL) Co-Founder Peter Thiel.
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