Facebook shareholders to Mark Zuckerberg: ‘Step down as chairman’

Facebook shareholders to Mark Zuckerberg: ‘Step down as chairman’
Photo: Sky News

Zuckerberg currently holds the position of both chief executive and board of directors chairman for Facebook.

Facebook’s Mark Zuckerberg is set to be the subject of a leadership vote amongst the social media giant’s board of directors. The vote is expected to take place at the multi-billion dollar company’s annual general meeting.

Shareholders calling for the tech entrepreneur’s withdrawal as chairman argue that this will help him focus more on running the company.

Even with those calling to vote against him, it isn’t likely that Zuckerberg will lose the vote as he holds 60% of the overall voting power. But the percentage of shareholders can dent his leadership as this would indicate how much faith they put into his authority.

One of the companies advocating for Zuckerberg to step down is Trillium Asset Management which owns about $7 million worth of shares. The company reportedly is working in support of other businesses that control possibly hundreds of millions of dollar worth of Facebook’s shares.

Trillium senior vice-president Jonas Kron told BBC, “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,”

Back in April, Zuckerberg released a statement defending his leadership of Facebook.
Zuckerberg 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.”