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Facebook investors want Mark Zuckerberg's head

by on19 October 2018

To hang in their garden for the crows to peck

Public fund investors want Mark Zuckerberg out as chairman of Facebook.

Major Facebook investors, including public pension funds and state officials, are pushing for Mark Zuckerberg's ouster as chairman of the company's board.

The proposal is largely symbolic, since Zuckerberg holds absolute control of the board. But Zuckerberg needs this sort of controversy like a hole in the head.

New York City Comptroller Scott Stringer said in a statement that Facebook's insular boardroom needed to make a serious commitment to addressing real reputational, regulatory risks and the risk to democracy.

Stringer joined a previous motion by Trillium Asset Management in calling for Zuckerberg to step down.

"An independent board chair is essential to moving Facebook forward from this mess, and to reestablish trust with Americans and investors alike", Stringer said.

Stringer oversees New York City's $160 billion pension fund. State treasurers for Rhode Island, Illinois and Pennsylvania are also joining the motion.

Similar motions to reclaim voting power have been made before, though none has passed. The latest proposal will be voted on at Facebook's next shareholder meeting next year.

Zuckerberg is not saying anything and neither is Facebook.



Last modified on 19 October 2018
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