Shopify shareholders give CEO 40% voting stake – source

(Reuters) – Shareholders of Shopify Inc on Tuesday voted in favor of defending Chief Government Officer Tobias Lutke’s 40% voting stake, a supply advised Reuters, citing preliminary outcomes from the e-commerce agency’s annual shareholder assembly.

The corporate, which in Could reported its slowest quarterly income development since going public in 2015, may also perform a 10-for-one break up of the corporate’s class A and sophistication B shares after traders voted for it, the particular person aware of the matter mentioned.

Shopify introduced the inventory break up in April, becoming a member of a rising checklist of firms which have break up their shares to make them extra engaging for traders.

Different inventory break up bulletins this yr got here from e-commerce large Amazon.com Inc, Google-parent Alphabet Inc and Apple Inc. Tesla Inc additionally had mentioned it will search shareholder approval for a inventory break up.

U.S.-listed shares of Shopify had been up 4.7% at $377.5.

(Reporting by Tiyashi Datta and Akash Sriram in Bengaluru; Enhancing by Maju Samuel)