Facebook has confirmed that Kenneth Chenault, Chairman and Managing Director at General Catalyst, will not stand for re-election to the Board of Directors.
It is understood that Kenneth Chenault will step down at the Company’s 2020 Annual Meeting of Stockholders, in order to pursue other opportunities. Chenault will continue to serve as a director until the date of the Annual Meeting.
Mark Zuckerberg, Facebook founder and CEO said, “I want to thank Ken for everything he’s done for Facebook. It’s been an honor to have a leader of Ken’s caliber and experience on our board and we learned a lot from him. I’m grateful for his contribution to our company and I wish him all the very best.”
Chenault, who joined Facebook’s board in February 2018, added: “Facebook plays an important role in the lives of people around the world. During the time I served on the board, the company made progress in dealing with new challenges and continued to expand its reach and to grow the business. I wish Mark, the directors, and the management team all the best as they lead the company going forward.
“I am stepping down from the board because I have a once-in-a-lifetime opportunity to work more closely with my friend Warren Buffett, the Berkshire Hathaway board and the management team. I also believe good corporate governance entails limiting the number of board commitments for any director.”
In addition to Chenault, Facebook’s current board members are: Mark Zuckerberg; Peggy Alford, Executive Vice President, Global Sales of PayPal Holdings, Inc.; Marc L. Andreessen, Andreessen Horowitz; Drew Houston, Co-Founder and CEO, Dropbox, Inc.; Nancy Killefer, Retired Senior Partner, McKinsey & Company; Sheryl K. Sandberg, Chief Operating Officer, Facebook, Inc.; Peter A. Thiel, Founders Fund; Tracey T. Travis, Executive Vice President and Chief Financial Officer, The Estée Lauder Companies, Inc.; and Jeffrey D. Zients, CEO, The Cranemere Group Limited.