26/04/2013 22:25:00

Jim Breyer Steps Down From Facebook Board

Related content
Related debate
28 Apr - 
her går det godt

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.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

April 26, 2013 17:25 ET (21:25 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
28 Apr
FB
her går det godt
1

Regulatory news

Rathbone Brothers Plc : Director/PDMR Shareholding

29/04/2016 15:31:03
Rathbone Brothers Plc Director and PDMR Shareholding The Rathbone Savings Related Share Option Plan On 29 April 2016, options over Rathbone Brothers ..

Novae Group plc: Holdings in Company

29/04/2016 12:41:31
  TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi   ..

Majedie Asset Management Ltd : Form 8.3 - HOME RETAIL GROUP

29/04/2016 10:35:51
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTI..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
AIR FRANCE - KLM : The Air France KLM Board of Directors designates Jean-Marc Janaillac as the group's future Chairman and CEO
2
OCEANTEAM ASA - ANNUAL REPORT 2015
3
Faiveley Transport and Wabtec meet with the European Commission - Closing expected in Q4 2016
4
Veidekke ASA: PRESENTATION OF FIRST QUARTER RESULTS 2016
5
Aéroports de Paris: First quarter of 2016 consolidated revenue up by 1.8%, to €683 million

Related stock quotes

Facebook Inc- Class A 117.58 0.7% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2016   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
02 May 2016 13:37:34
(UTC) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20160421.1 - EUROWEB7 - 2016-05-02 14:37:34 - 2016-05-02 13:37:34 - 1000 - Website: OKAY