New rules would make CEO Mark Zuckerberg lose control of Facebook if he quits
Facebook CEO Mark Zuckerberg would lose majority voting control of the social networking company if he quits his job or his services are terminated, according to new rules proposed by the board.
The rules, which were first mooted as part of a reclassification of Facebook’s shares to help meet Zuckerberg’s philanthropy plans, will be voted on by shareholders at an annual meeting on June 20. The aim of the regulations is apparently to make it easier for the company to hire a top-quality successor to Zuckerberg, who would not be shadowed by the founder or be from his family.
The measure seems to be more of a precaution as Zuckerberg has not indicated that he intends quitting his job.
To read this article in full or to leave a comment, please click here