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Major Facebook Investors Want Mark Zuckerberg Out as Chairman (cnbc.com)

Posted by msmash on from the nobody-likes-mark dept.

Major Facebook investors, including public pension funds and state officials, are pushing for Mark Zuckerberg's ouster as chairman of the company's board. From a report: The proposal is largely symbolic, since Zuckerberg holds absolute control of the board. But it comes at a difficult time for Facebook, as security breaches plague the company and spur questions around corporate oversight. "We need Facebook's insular boardroom to make a serious commitment to addressing real risks -- reputational, regulatory, and the risk to our democracy -- that impact the company, its share owners, and ultimately the hard-earned pensions of thousands of New York City workers," New York City Comptroller Scott Stringer said in a statement to CNBC. Stringer joined a previous motion by Trillium Asset Management in calling for Zuckerberg to step down.

5 of 59 comments (clear)

  1. And replaced with Satan himself by nwaack · · Score: 4, Funny

    As for their reasoning, they stated, "The Dark Lord would be less evil and have much more charisma than Zuckerberg."

  2. Someone else would be better? by fahrbot-bot · · Score: 4, Informative

    ... as security breaches plague the company and spur questions around corporate oversight.

    Because Mark is doing a bad job actually coding the security fixes? Maybe they can get another CEO to do the cyber security work. :-)

    "We need Facebook's insular boardroom to make a serious commitment to addressing real risks -- reputational, regulatory, and the risk to our democracy -- that impact the company, its share owners, ...

    Um... Zuckerberg is the majority (or largest) shareholder. From The Top Shareholders of Facebook:

    The founder and "face" of Facebook indirectly holds around 14.18 million Class A Facebook shares in a series of funds, as of July 25, 2018. Zuckerberg also owns a whopping 441.6 million Class B shares. Control over nearly 89% of the Class B shares, gives Zuckerberg 60% voting rights in the company.

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    It must have been something you assimilated. . . .
  3. only as chariman by jbmartin6 · · Score: 2

    Only ousted as chairman, not as CEO. So even more symbolic than the article says.

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    This posting is provided 'AS IS' without warranty of any kind, implied or otherwise.
  4. This is the problem by QuietLagoon · · Score: 2

    ...The proposal is largely symbolic, since Zuckerberg holds absolute control of the board.... If you want to fix a problem, then you need to put into place different thinking than that which caused the problem in the first place.

  5. There's another option by Snotnose · · Score: 2

    and ultimately the hard-earned pensions of thousands of New York City workers," New York City Comptroller Scott Stringer said

    Um, you could, I dunno, maybe *sell* all your FB stock and protect the pensions that way?