Shareholders Vote To Keep Zuckerberg In Charge Of Facebook

Facebook Inc 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 PYPL Co-Founder Peter Thiel.