Venture capitalist Jim Breyer is stepping down from Facebook Inc.'s (FB) board, according to a filing from the social network on Friday.
Mr. Breyer, who also sits on the boards of Wal-Mart Stores Inc. (WMT), News Corp. (NWS), Dell Inc. (DELL) and others, decided not to stand for re-election to Facebook's board and will serve out the remainder of his term until the company's annual shareholder meeting later this year, according to the filing. News Corp. owns The Wall Street Journal and this newswire.
"After over eight years of board service, it's time to step aside in light of my other responsibilities, including my recent election to the Harvard University Corporation Board" earlier this year, Mr. Breyer said in a statement. "I will leave the board knowing that Facebook is a global Internet leader with exceptional leadership within the company and on the board."
Mr. Breyer didn't immediately respond to a request for comment.
Mr. Breyer is the first director to depart Facebook since the Menlo Park, Calif., company went public last May. Since its initial public offering, Facebook has filled out its board with directors including chief operating officer Sheryl Sandberg and Susan Desmond-Hellmann, the chancellor of the University of California, San Francisco.
Mr. Breyer joined Facebook's board in 2005, the same year he and his venture firm Accel Partners invested $12.7 million in the then-fledgling social network at a roughly $100 million valuation.
In recent years, Accel and Mr. Breyer have reduced their position in Facebook by selling shares in secondary transactions before the IPO and selling 49 million shares when Facebook went public. Mr. Breyer has continued to unload blocks of Facebook shares since then, selling 3.6 million shares last October and 2.5 million shares in February, as part of planned stock sales. In addition, Mr. Breyer's work outside of Accel has expanded. He joined News Corp.'s board in 2011 and the Harvard University Corporation Board, one of the governing boards of Harvard.
After Mr. Breyer's departure, two prominent venture capitalists will remain on Facebook's board: Peter Thiel, who made one of the first investments in Facebook, and Marc Andreessen, co-founder of venture firm Andreessen Horowitz.
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(END) Dow Jones Newswires
April 26, 2013 17:25 ET (21:25 GMT)
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