2 Pinterest directors resign from Nextdoor's board in response to antitrust enforcement efforts
The Justice Department says two Pinterest directors resigned from Nextdoor’s board of directors in response to the department's efforts to enforce an antitrust law aimed at barring executives from holding similar positions at rival companies
NEW YORK (AP) — The Justice Department said Wednesday that two directors resigned from Nextdoor's board in response to the department's efforts to enforce an antitrust law aimed at barring executives from holding similar positions at rival companies.
The Justice Department pointed to Section 8 of the federal Clayton Act — which, in most cases, prohibits company directors and officers from serving on the boards of competitors at the same time. An enforcement initiative from the department's antitrust division has led to the resignations of 15 interlocking directors on 11 boards so far, it said.
“We remain steadfast in our commitment to protect competition by preventing interlocking directorates that we believe violate Section 8 of the Clayton Act,” Deputy Assistant Attorney General Andrew Forman of the department’s antitrust division said in a statement.
The directors' resignations from Nextdoor's board went into effect Aug. 1, “without the directors or either company admitting liability,” the department said.
