Firm says Shopify's plan to augment founder Tobi Lütke's power in the e-commerce company only passed because of the support from an early company investor and director.
Company says 53.68 per cent of shareholders, excluding founder and chief executive Tobi Lütke, voted in favour of a plan to grant him key voting power at the company.
Move ensures Lütke, his family and affiliates will hold 40 per cent of the e-commerce software giant's voting power.
Ottawa-based software firm's stock ended the day down more than 14 per cent after company reported a first-quarter loss of US$1.5 billion.
E-commerce software giant's CEO has seen his net worth cut in half in recent months, according to Forbes’ annual ranking of the world’s wealthiest people.
Proposal would preserve founder and CEO Tobi Lütke's voting power, but provide sunset provisions that prevent him from transferring that power.
Ottawa-based company's stock fell to a low of $914 on the TSX as it announced it expects revenue growth for 2022 to be lower than the 57 per cent growth it achieved in 2021.
Exchange says Lütke will help as Coinbase looks to expand crypto to more people and businesses globally.
Shopify's president joins a group that also includes tennis star Naomi Osaka, Tesla CFO Zach Kirkhorn and TikTok CEO Shou Zi Chew.
Latest departure from Ottawa-based firm's leadership team comes after three members of its C-suite left the company earlier this year.