Anthropic has devised an unusual method that allows its founder to transfer the power in their hands.
In its IPO document, Anthropic outlines that the 7 co-founders collectively hold 50.1% of the voting rights; in the event that they pass away or lose their capacity to act, these founders may establish a prioritized list specifying who they wish to have inherit their rights from.
Anthropic CEO Dario Amodei ( Dario Amodei ), Anthropic President Daniela Amodei ( Daniela Amodei ), and another 5 LLC members will review and vote on whether to approve the candidates for succession proposed by the other founders. However, these names are likely never to be seen by other shareholders. (The agreement only allows disclosure in a few circumstances, such as court orders or other legal requirements.)
According to this arrangement – which Forbes was the first to bring to the attention of the public – each member of Founders LLC may designate up to 10 potential successors, who will be listed in order of preference. Subsequently, other members of LLC must vote to approve these confidential lists.
Succession plans themselves are not uncommon, but what is less common with Anthropic is the practice of ranking potential successors. This also highlights that with the help of Founders LLC, the leadership of Anthropic will be able to maintain control.
In the 2012 IPO document, it was stated that if Mark Zuckerberg (Mark Zuckerberg) still controlled the company at the time of his death, then control could be transferred to a person he designated. (This arrangement was later adjusted by Meta.) In 2020, the three co-founders of Airbnb agreed that if one of them died or became disabled, their voting rights would be transferred to the other co-founders; however, this arrangement (which still exists today) is only valid for a period of 9 months.
This succession plan does not involve the arrangement for the succession of the CEO. The Anthropic Board of Directors will be responsible for such CEO appointments.
There are also some restrictions on the people who can be included in the list of founders.
Among at most 10 potential successors, 8 of them must meet the qualification requirements. The designated person must be either a current or former employee of Anthropic or its subsidiaries, or must have worked for an organization that has been exempted from taxes under Section 501(c)(3) of the U.S. Internal Revenue Code, or for a national or international organization whose primary purpose is research, education, or the promotion of the public interest. In any case, the individual must have worked there for at least 3 years.
If this person has held a position at Anthropic, they must have held a specific role, such as a member of the technical team, a member of the company's internal think tank, or another position approved by the majority of the board of directors and other members. If this person holds a position outside of Anthropic, they must hold a senior position in a relevant non-profit organization. These successors must also be U.S. citizens, possess permanent residency, or hold a valid work permit.
If a founder lists 10 potential successors, then the other two candidates are not subject to the aforementioned qualification requirements, but they must also obtain the necessary approval.
This succession plan is not permanently valid either.
According to the agreement, the successor member usually loses their membership status on the 10th anniversary of Anthropic IPO. After that, the designated successor may only be accepted for membership under limited circumstances during the transition period.
