Facebook proposed creating a new non-voting Class C stock, issuing two new shares for each outstanding Class A and Class B share held. The proposal's adoption is subject to approval by Facebook shareholders at its 2016 annual meeting in June, the company said.
Class A shares would continue to trade under the "FB" ticker, with the Class C shares under a different symbol.
Facebook highlighted multiple reasons for the reclassification. The social media company said it will allow CEO Mark Zuckerberg, who has pledged to give away 99 percent of his shares, to "remain involved with Facebook in a leadership role."
"I'll be able to keep founder control of Facebook so we can continue to build for the long term, and (Zuckerberg's wife) Priscilla and I will be able to give our money to fund important work sooner," Zuckerberg said, in a statement.
The company said the structure "would be based on Mark's maintaining an active leadership role at Facebook."
Facebook also noted it aims to mitigate "succession risk" and "potential future voter dilution."
Stock owners would essentially own three times as many shares as they did before, while the total number of outstanding shares will also triple.
— CNBC's Everett Rosenfeld contributed to this report.