The TeCake

Some shareholders want Mark Zuckerberg to leave Facebook

The contribution of Mark Zuckerberg for taking the social media site Facebook to the crown position is truly beyond description. But it seems, Facebook is going to miss its logically sorted and extremely practical-thinking Chief soon as some of the shareholders of the company are demanding him to walk out from the post of CEO. Alongside some of Facebook’s shareholders, Consumer Watchdog Group is also forcing Mark Zuckerberg to resign from the head position of Facebook.

On this context, consumer watchdog group and four shareholders also have submitted a new proposal, suggesting Mark Zuckerberg to relinquish his all control over Facebook by leaving his current position as chairman of the Facebook’s Board of Directors. According to the report published by The Washington Post, the proposal led by SumOfUs, alleges that Facebook, for its future development needs a director who is independent of the company. A perfect equilibrium of control between the CEO and the board will pave new developmental paths for Facebook, which the current CEO is unable to do.”

The advanced proposal also claims that, only a CEO, who is independent of the company, can take actions against the ongoing issues of the company and commence new movements for advancing Facebook, without harming the shareholders and investors, which Mark Zuckerberg is not.

The application for the forceful resignation of current CEO of Facebook is extremely influenced by the ongoing problems associated with the company including the promotion of fake news, odium and hate speech, so-called discrepancies in the application of company’s public standards guidelines and content procedures, and much more.

SumOfUs’s preceding petitions regarding Facebook’s management and decisions was signed and endorsed by 1,500 shareholders. Of those 1,500 involved shareholders, SumOfUs asked 1,300 to conclude their concerns in filing a suit for the shareholder proposal of outing Mark Zuckerberg from the post and four of them agreed to support the proposal.

As per the allegations brought up by the shareholders and activist groups, “Having Mark Zuckerberg as the chairman, CEO, and highest shareholder in Facebook is creating a disagreement of interest among other divisions and investors of the company, which is deferring the company from allowing for the best interests of smaller investors.

As claimed by the activist group, value of shareholder is improved by a self-governing chairperson who can maintain a flawless and neutral balance of power between the Chief Executive Officer and the board of the company and promote strong and influential leadership. But Mark Zuckerberg’s current status is creating conflict in the panel of company regarding the shareholder value, which eventually leaving the best interests of small investors overlooked.

The proposal also argued that the employment of an independent president will also help Facebook enhancing the awareness and credibility of Facebook in front of people and users throughout its continual efforts to onslaught on fake news promotions, counterfeit content postings and application of its service policies as well.

However, thus far, Facebook has been maintaining a tight-lip on this proposal and no comments have yet been given by any officials of the company.



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