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Could Zuckerberg move away from Facebook's CEO?

Zuckerberg
2018 is definitely one of the worst years for its founder Facebook, Mark Zuckerberg. After successive data breaches, which led Zuckerberg to testify in front of Congress, now many shareholders insist on his dismissal from the position of CEO.

On Wednesday, Treasury, Rhode Island, Illinois and Pennsylvania have signed the proposal issued by Trillium Asset Management in June. The proposal suggests that Mark Zuckerberg should be removed from the CEO for the mismanagement of some of the scandals that have taken on a large scale.

Major shareholders will vote on the proposal at Facebook's annual shareholder meeting scheduled for May of 2019. The proposal requires shareholders to designate an independent chairperson.

The official statement of the New York City Comptroller says:

"Facebook plays a major role in our society and our economy. It is socially and financially accountable to be transparent - so we demand independence and accountability in terms of company leadership.

Facebook's leadership needs to be seriously committed to addressing the real risks that affect the company, its shareholders, and ultimately the retirement benefits of thousands of workers. An independent leadership is needed to release Facebook from this chaos and restore the confidence of Americans and investors to the company. "

This is not the first time that there are plans to remove Mark Zuckerberg from his post. In April, a similar attempt was made, but Zuckerberg holds the 60 percent of the voting rights. Therefore, the plan was unsuccessful. However, this time, shareholders' involvement in the plan could change the data. Several major shareholders such as The New York City Pension Funds holding 4,5 million Facebook shares, The Pennsylvania Treasury holding 38.737 shares and Trillium that owns 53.000 shares support the proposal.

Facebook has not yet made official statements on the proposal.

Do you have an opinion? Leave your comment.

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