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Facebook proposal plans for post-Mark Zuckerberg era

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Paul Williams
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His voting power actually totals about 60 percent because he has proxy voting power for shares owned by co-founder Dustin Moskovitz.

These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company.

Although the 32-year-old founder has given no indication that he is leaving anytime soon — at the company s April developers conference, Zuckerberg revealed Facebook s 10-year plan — he s young and has endless possibilities ahead of him.He and his wife, Priscilla Chan, are among the world s highest-profile philanthropists; in fact, also up for shareholder vote is a proposal to create a Class C stock, which would allow Zuckerberg to retain control of the company despite his and Chan s pledge, made in December, to give 99 percent of their Facebook stock to charitable causes.Might Zuckerberg also have a future in politics?

And although he s three years away from being old enough to run for president, speculation about the possibility surfaced recently after former Politico CEO Jim VandeHei wrote a Wall Street Journal op-ed in which he said: Why not recruit Facebook s Mark Zuckerberg or Sheryl Sandberg to head a third-party movement?

The flames were further fanned when the proxy statement that proposed the Class C stock in April contained the following language:The proposal about removing Zuckerberg s majority control should he leave the company was designed by a special committee comprising Facebook directors Susan Desmond-Hellmann, Marc Andreessen and Erskine Bowles.And lest anyone get the wrong idea, the committee members were just doing their job and aren t anti-Zuck.

Photo: Facebook CEO Mark Zuckerberg delivers the keynote address at Facebook s F8 Developers Conference on April 12, 2016, in San Francisco, Calif. Karl Mondon/Bay Area News Group Tags: facebook, mark zuckerberg, shareholders, stock

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