Some shareholders want to oust Facebook CEO Mark Zuckerberg
- Facebook recently celebrated its 13th birthday.
- Its journey is an inspiring story from dorm to board room, although marred with controversies.
- Facebook CEO Mark Zuckerberg has also been Facebook’s board Chair since 2012.
A VentureBeat report points out at the proposal that suggests Mark Zuckerberg should be replaced for an independent chairperson. The change is aimed at a person who could carry the company forward and bring pro-shareholder agenda. While Facebook has been tight lipped about it, a statement is likely to come out in April, as per reports.
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"Facebook CEO Mark Zuckerberg has also been Facebook’s board Chair since 2012. We believe the combination of these two roles in a single person weakens a corporation’s governance, which can harm shareholder value," the proposal reads.
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"We believe that independent board leadership would be particularly constructive at Facebook as our company faces increasing criticism regarding its perceived role in the promotion of misleading news; censorship, hate speech and alleged inconsistencies in the application of Facebook’s community standards guidelines and content policies; targeting of ad views based on race; collaboration with law enforcement and other government agencies; and calls for public accountability regarding the human rights impacts of Facebook’s practices," the report further adds.
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However, it should be noted that Zuckerberg holds a majority at the company. Moreover, the company's growth has been phenomenal, almost akin to Google.Â