Facebook Investors Want To ‘Check Zuckerberg’s Power,’ Oust Him From Company Chair | WHAT REALLY HAPPENED


Facebook Investors Want To ‘Check Zuckerberg’s Power,’ Oust Him From Company Chair

Facebook’s shareholders are gearing up for a fresh attempt to oust its founder and CEO Mark Zuckerberg as chairman, as well as shake up the company’s governance, in the wake of “severe controversies” for the social network.

Documents filed by Facebook to the Securities and Exchange Commission (SEC) on April 12 outline the schedule of business for the company’s annual shareholder meeting at the end of next month, and include eight shareholder proposals. One of these calls for replacing Zuckerberg as company chair with a new independent member, so as to clearly separate the roles of company chair and CEO.

In the filing, stockholders complain that Zuckerberg holds about 60 percent of Facebook’s voting shares, meaning the board has “only a limited ability to check Mr Zuckerberg’s power.”

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA