John Zimmer and Logan Green—president and chief executive, respectively—are preparing to take near-majority voting control of their company when it goes public this year. Currently, together, they own less than 10 per cent. (Wall Street Journal)
John Zimmer and Logan Green—president and chief executive, respectively—are preparing to take near-majority voting control of their company when it goes public this year. Currently, together, they own less than 10 per cent. (Wall Street Journal)
John Zimmer and Logan Green—president and chief executive, respectively—are preparing to take near-majority voting control of their company when it goes public this year. Currently, together, they own less than 10 per cent. (Wall Street Journal)
Talking point: The duo would be the latest tech entrepreneurs to gain exceptional influence over a startup as it goes public—giving them major sway in decisions like electing directors to selling the company. It shows the continued power that founders have over their fast-growing tech startups, following in the footsteps of major debuts like Facebook, Alphabet and Snap, whose top executives enjoy similar supervoting structures. The structure’s limitations become increasingly apparent when a company’s execs stumble, like how Facebook’s and Snap’s have over the past year. In the former’s case, 51 per cent of independent shareholders voted to oust CEO Mark Zuckerberg as chairman; it failed because Zuckerberg owned Class B shares that gave him majority voting power.
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