Benchmark partner Mitch Lasky, who has served on Snap’s board of directors since December 2012, is not expected to stand for re-election to Snap’s board of directors and will thus be stepping down, according to a report by The Information.
Early investors stepping down from the board of directors — or at least not seeking re-election — isn’t that uncommon as once-private companies grow into larger public ones. Benchmark partner Peter Fenton did not seek re-election for Twitter’s board of directors in April last year. As Snap continues to navigate its future, especially as it has declined precipitously since going public and now sits at a valuation of around $16.5 billion. Partners with an expertise in the early-stage and later-stage startup life cycle may end up seeing themselves more useful taking a back seat and focusing on other investments. The voting process for board member re-election happens during the company’s annual meeting, so we’ll get more information when an additional proxy filing comes out ahead of the meeting later this year.
Benchmark is, or at least was at the time …read more
Source: Tech Crunch