When Facebook hosts their company shareholder meeting on June 11th, venture capitalist Jim Breyer will not be seeking a re-election. Breyer is going to be stepping down from Facebook’s board of directors according to an SEC filing. Breyer joined Facebook’s board in the early days. While working at Accel Partners, Breyer convinced Mark Zuckerberg to receive a $12.7 million investment, which valued the company at $93 million. Last May, Accel Partners sold their stake in Facebook for $2.1 billion. Breyer himself made $8.1 million from the sale.
Breyer also serves on the boards of Dell and Wal-Mart. He will continue to serve on the board at Facebook until the annual meeting on June 11th. Breyer is going to focus on his other responsibilities like his recent election to the Harvard University Corporation Board. Breyer said that it was a “genuine honor” to serve as a Facebook board member and investor.
Breyer said “I will leave the board knowing that Facebook is a global Internet leader with exceptional leadership within the company and on the board.” Breyer was on Facebook’s board since 2005.