Facebook to Change Zuckerberg’s Future Majority Control Status

Facebook’s board of directors proposed a new proxy that would prevent CEO Mark Zuckerberg from holding majority control of the company if he leaves the social network. Filed on Thursday, the proposal shows that the board will vote to change Zuckerberg’s shareholding classification to one where he would not have majority control if he leaves the Menlo Park company for any reason. “These new terms thus ensure that we will not remain a founder-controlled company after we cease to be a founder-led company,” Facebook said in the proxy statement filed to the Securities and Exchange Commission Thursday night.