Zukerberg May Stand Down As Facebook Chairman

The chief executive officer and chairman board of directors of Facebook,  Mr. Mark  Zuckerberg may be asked to stand down if the outcome of the vote in company’s annual general meeting on Thursday does not go in his favour.

According to those calling for him to step down as chairman, they said, it would help him focus on running the company.

From the look of the situation, Mr Zuckerberg is very unlikely to lose the vote, because he has 60% of the voting power.

However, the percentage of shareholders who vote against him could indicate how much faith they have in his leadership.

Trillium Asset Management owns about $7m (£5.5m) worth of Facebook shares, and works with other businesses that control “hundreds of millions” of dollars worth of the company’s shares.

The company is one of those advocating for Mr Zuckerberg to step down. According to the vice president of Trillium, Jonas Kron, he said,

“He’s holding down two full-time jobs in one of the most high-profile companies in the world right now. And if he can focus on being the CEO, and let somebody else focus on being independent board chair, that would be a much better situation,”

“He has examples in Larry Page and Alphabet, Bill Gates and Microsoft, of what it can look like for a founder not to be the chairman of the board.

“I realise that it may not be an easy step to take, but it’s an important step that would be to his benefit and to his shareholders’ benefit.”

In May, Facebook’s former security chief Alex Stamos called for Mr Zuckerberg to step down as chief executive.

“There’s a legit argument that he has too much power,” Mr Stamos told the Collision Conference in Canada.

Mr Zuckerberg previously defended his leadership of Facebook.

In April, he said: “When you’re building something like Facebook, which is unprecedented in the world, there are things that you’re going to mess up.

“What I think people should hold us accountable for is if we are learning from our mistakes.”

Source: BBC


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