Facebook said this morning it has completed its acquisition of messaging app WhatsApp in a filing with the SEC today. The social networking company shocked the world earlier this year when it announced it would pay $19 billion to purchase WhatsApp, one of the most popular players in the mobile messaging app space.
WhatsApp co-founder and CEO Jan Koum will be joining Facebook’s Board of Directors, though he will not be serving on any committees, nor will he earn a salary for his work with the board. At the time of the acquisition, Koum said that WhatsApp will remain independent of Facebook, and people would be able to continue using the app as normal.
In addition to the board seat, Koum will take a salary of $1, without the possibility of a bonus through Facebook’s bonus plan, much like Facebook CEO Mark Zuckerberg. Koum will probably be alright, though – his compensation package includes almost 25 million restricted stock units that are slated to vest on a quarterly basis.