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Facebook is changing its rules so that Mark Zuckerberg can't keep control if he leaves
https://www.yahoo.com/finance/news/facebook-changing-rules-mark-zuckerberg-230717873.htmlFacebook cofounder and CEO Mark Zuckerberg has a tight grip on the company, thanks to special shares he owns that give him majority voting control.
But even absolute power doesn't last forever. And Facebook is changing its rules so that if Zuckerberg ever leaves the company, his control of it will vanish into thin air.
Facebook is changing its certificate of incorporation so that Zuckerberg's majority voting control is good only while he is an executive at the company. The changes also specify that Zuckerberg cannot pass his majority control to his descendants — including his daughter, Maxima Zuckerberg — in the event of his death.
"These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," Facebook's board wrote in its proxy filing.
But even absolute power doesn't last forever. And Facebook is changing its rules so that if Zuckerberg ever leaves the company, his control of it will vanish into thin air.
Facebook is changing its certificate of incorporation so that Zuckerberg's majority voting control is good only while he is an executive at the company. The changes also specify that Zuckerberg cannot pass his majority control to his descendants — including his daughter, Maxima Zuckerberg — in the event of his death.
"These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company," Facebook's board wrote in its proxy filing.
