Fb
FB 1.92%
mum or dad Meta Platforms Inc. appointed
DoorDash Inc.
DASH 7.64%
Chief Govt
Tony Xu
to its board of administrators, including outdoors govt expertise to a gaggle that has been criticized for its lack of independence.
Mr. Xu’s appointment Tuesday is the primary change to the board for the reason that firm rebranded itself as Meta in October. It’s also the primary addition to the board for the reason that departure of Jeffrey Zients, who selected to not search re-election to the corporate’s board in March 2020. Mr. Zients was succeeded by
Robert Kimmitt,
a lawyer and former deputy secretary on the Division of the Treasury in the course of the George W. Bush administration. Mr. Kimmitt is the lead unbiased director.
Mark Zuckerberg
is Meta’s chairman and CEO and controls nearly all of the corporate’s voting inventory by supervoting shares. Nearly all of Meta’s outdoors shareholders in recent times have voted to separate these roles, which the corporate has rejected, and a few buyers have mentioned they imagine the board is simply too beholden to Mr. Zuckerberg.
A number of administrators with vital govt expertise, together with Netflix CEO Reed Hastings and former American Categorical Inc. chief
Kenneth Chenault,
have left the board in recent times.
Mr. Xu brings expertise working certainly one of Silicon Valley’s fastest-growing firms. He co-founded DoorDash as a scholar at Stanford College in 2013. The 37-year-old govt labored as a dish washer in his mom’s Chinese language restaurant after emigrating to the U.S. as a baby, and drew on a few of that have throughout his early days at DoorDash.
The pandemic served as an surprising boon for meals supply, catapulting DoorDash into the nation’s largest food-delivery app due to its sturdy foothold within the suburbs, in contrast to rivals
Uber Applied sciences Inc.’s
Eats and Grubhub Inc.
Whereas DoorDash continued to develop regardless of restaurant re-openings this summer time, income have largely eluded the cost-intensive food-delivery business. Mr. Xu expanded DoorDash’s choices to extra profitable deliveries like groceries and alcohol, in an effort to spice up prospects’ common order sizes in the course of the well being disaster.
Mr. Xu “has constructed a fantastic service for tens of millions of individuals to get meals and extra from a whole lot of hundreds of eating places and small companies. I’ve at all times thought it’s essential to have nice tech leaders on our board, and Tony has direct expertise each working a tech firm and fixing advanced challenges in commerce,” Mr. Zuckerberg mentioned in an announcement.
A DoorDash spokesman declined to remark.
The Meta board now stands at 10 folks: Messrs. Zuckerberg and Xu, Meta Chief Working Officer
Sheryl Sandberg
; enterprise capitalists
Marc Andreessen
and
Peter Thiel
; Dropbox Inc. Chief Govt Officer
Drew Houston,
PayPal Holdings Inc. vp
Peggy Alford,
former McKinsey & Co. associate
Nancy Killefer,
Estee Lauder Cos. Inc. finance chief
Tracey Travis
and Mr. Kimmitt.
—Preetika Rana contributed to this text.
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Appeared within the January 12, 2022, print version as ‘Meta Names Doordash CEO Tony Xu to Board.’
