It is an irony that a Group of Facebook shareholders has filed a proposal to remove Facebook Founder and CEO Mark Zuckerberg from his post as Board Chairman of Facebook.
Mark is the one who founded Facebook in 2004 and currently has over 15,000 employees worldwide.
The proposal submitted by the shareholders who are a part of corporate power damper group SumOfUS says that there is a need for independent Chairman of Facebook’s Board.
According to reports around 333,000 people filed a petition seeking to remove active Chairman of Facebook Mark Zuckerberg.
There are only 1,500 of 333,000 are Facebook Shareholders.
Facebook Inc. is a social networking site which is created by Mark Zuckerberg on 2004 in California, United States and is currently the number 1 social media site in the world.
WhatsApp, a mobile messaging application which was acquired by Facebook Inc. in February 2014 for a whopping US$19 billion.
Here’s the petition filed by Shareholders demand to remove Mark Zuckerberg from Facebook.
Shareholders further continued,
Of Course, Mark has founded the Facebook but he’s been acting as both CEO and Board Chairman at Facebook since 2012.
To remove Mark from his post is not an easy task when he owns a vast portion of Facebook’s shares.
So, the result is already here. It won’t effect Mark and this proposal is unlikely to have any impact on Facebook’s decision-making process.
However, Facebook declined to comment on the proposal but it’s likely to issue a statement when it files a proxy filing in April, as is per standard practice with shareholder proposals.
Having someone be both the CEO and Chairman isn’t a unique situation for companies, as many companies like Tesla, Bank of America, Walt Disney Company, IBM, Amazon, Netflix, and Salesforce all have one person sitting in both roles.
Meanwhile, Mark will be like: