Facebook Names Former Treasury Official as Lead Independent Director
"I'm confident Bob is going to make our board and our company better and I'm looking forward to working with him as we continue to build important social infrastructure to bring the world closer together." Naming Kimmitt as the lead independent director could help reduce some of the criticism leveled at Facebook over its corporate structure. As it stands, Zuckerberg owns a controlling stake and has great liberties in determining the direction of the social media giant. In addition to government service, Kimmitt held a wide variety of executive positions in international business, finance, and public policy. Facebook also announced Jeffrey D. Zients, CEO of The Cranemere Group Limited, will not stand for reelection at the company's annual shareholder meeting.