New stock helps Google chiefs keep power
Google shareholders have approved an unconventional stock split that will ensure that the company’s co-founders remain in control.
The plan passed Thursday at Google’s annual shareholder meeting calls for the creation of a new class of nonvoting stock.
Larry Page and Sergey Brin, who started Google in 1998, wanted the nonvoting stock to prevent the possibility of their authority from being undermined as the company issues more shares to compensate employees and finance future acquisitions.
