In short the foundation works for Rust, not the other way around.
On the other hand, I do recognize that the board members are the ones bringing the funding to the table; maybe this was the best way to maximize their contributions. If the board's interests align well with the Rust community's interests, then this could turn out fine, at least at first.
This [1] was from the keynote of the latest RustConf. While there's surely plenty of good the Rust project will manage to do regardless of these decisions, I can't help but think there's a small disconnect between "owning" the political role of Rust, and then surrendering half the board to the usual suspects.
The equivalent of that would be the Rust teams[0] as far as I can tell, which will still be the governing body of all development, and won't be replaced by the Rust foundation.
Amazon, Huawei, Google, Microsoft, and Mozilla all have a vested interest in Rust succeeding since they are all deeply invested in high performance software, the majority of which is written in C and C++.
The undefined behavior semantics in C and C++ trade safe handling of undefined behavior for high performance. The result is high performance code that is difficult for developers to reason about and vulnerable from a security standpoint.
https://blog.regehr.org/archives/213 gives great insights into how undefined behavior in C and C++ can cause problems.
Rust is becoming an excellent replacement and hopefully will continue to succeed to enter all the niches that C and C++ currently occupy.
Too bad.