Technology

Venture capitalist Jim Breyer to leave Facebook's board

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MUMBAI: Accel Partners‘ Jim Breyer will leave Facebook‘s board of directors in June. The company was an early investor in Mark Zuckerberg‘s online social network.

Accel has enjoyed a 337 times return on investment. Facebook said, "On 23 April, James W Breyer notified Facebook of his decision not to stand for reelection to the Board of Directors at the company‘s annual meeting of stockholders to be held on 11 June. He will continue to serve as a director until the date of the annual meeting."

"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 we can continue to rely upon the tremendous depth and expertise of our recently expanded board." The social networking site added.

Breyer wrote, "It has been a genuine honour to serve as an investor and board member since April 2005 as Facebook has grown from an emerging social network for US college students to a global service that connects over a 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."

When Accel invested, Facebook had twenty employees and less than $1 million in revenue per quarter. Now it has over 4,500 employees and more than $1.5 billion in revenue per quarter.

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