, Columnist
Surprise! Facebook Directors Weren't Villains
Mark Zuckerberg didn't roll the board in the company's scuttled stock plan.
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Facebook Inc.'s surprise decision to spike a controversial stock plan was viewed as the little-guy shareholders standing up to Mark Zuckerberg when the company’s compliant board would not. But Facebook directors -- with a notable exception -- actually did a good job in tough circumstances.
Facebook said on Friday that it would not proceed with the planned creation of a type of stock intended to solidify Zuckerberg's control over the company. A shareholder lawsuit that contended the new stock was unfair to them was set to go to trial this week. Facebook settled the litigation at the last minute and killed the new stock before it went into effect.