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News18 » Tech
1-min read

Mark Zuckerberg, 'Unliked' by Facebook Shareholders, Might be Forced to Leave

A few shareholders are apparently trying to urge Facebook to replace CEO Mark Zuckerberg with an 'independent' board chairperson.

News18.com

Updated:February 8, 2017, 12:47 PM IST
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Mark Zuckerberg, 'Unliked' by Facebook Shareholders, Might be Forced to Leave
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A few shareholders are apparently trying to urge Facebook to replace CEO Mark Zuckerberg with an 'independent' board chairperson.

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A proposal has been brought to the fore, which states an independent chairperson would be able to oversee the executives of Facebook, improve corporate governance, and set a more accountable, pro-shareholder agenda in a better way.

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Their proposal also says a balance of power between the chief executive and the board is required for a better future of the company.

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Facebook shareholders are also the people at SumOfUs.org - a consumer watchdog, which is eyeing aim to limit Mark Zuckerberg’s power within Facebook by shunning him out of Facebook’s board of directors and appoint an independent chairperson.

SumOfUs.org points to the firm's major decision last year to issue new, nonvoting stock as an example of the kind of potentially problematic behavior enabled by having a single chairman and chief executive.

Under the decision, every stockholder in Facebook, including Mark Zuckerberg, will receive two new shares of what it called Class C stock for every existing share.

SumOfUs have managed to obtain signatures from 3,33,000 people on their petition who want the company to improve the way it functions and treats its staffers, says a report from Venturebeat. However, out of these petitioners, around 1,500 actually owned Facebook shares.

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| Edited by: Krishna Sinha Chaudhury
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