Jim Breyer Will Leave Facebook’s Board Of Directors In June

Jim Breyer, who has been on Facebook’s board of directors since 2005, will leave his position in June, according to a form 8-K filing. Facebook reported that Breyer will not be up for re-election, and that his final meeting will be June 11. In a statement, Breyer said he is stepping down to focus more on his position with the Harvard University Corporation Board.

According to the document, Breyer notified Facebook April 23 that he will leave his position on the board, where he is currently chairman of the compensation committee:

On April 23, 2013, James W. Breyer notified Facebook Inc. (the “company”) of his decision not to stand for re-election to the board of directors at the company’s annual meeting of stockholders, to be held June 11, 2013 (the “annual meeting”). Mr. Breyer will continue to serve as a director until the date of the annual meeting.

Breyer, a venture capitalist and partner at Accel Ventures, was one of the integral figures for Facebook as it started to grow from dorm room project at Harvard into a multinational company.

Breyer made a statement, saying why he’s leaving his post:

It has been a genuine honor to serve as an investor and board member since April 2005 as Facebook has grown from an emerging social network for U.S. college students to a global service that connects more than 1 billion people. After over eight years of board service, it’s time to step aside in light of my other responsibilities, including my recent election to the Harvard University Corporation Board. I will leave the board knowing that Facebook is a global Internet leader with exceptional leadership within the company and on the board.

Facebook commented on Breyer’s departure:

Jim made many, many important contributions during his long tenure on the board, and we were well-served by his presence. We will continue to have a strong relationship with Jim and, going forward, we’re thankful that we can continue to rely upon the tremendous depth and expertise of our recently expanded board.

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