Home Business News Powerful Facebook investors want Zuckerberg out as chairman

Powerful Facebook investors want Zuckerberg out as chairman

by Purvai Dua
18th Oct 18 7:03 am

In yet another sign of growing discontent among Facebook stakeholders, four powerful Facebook investors have co-filed a shareholder proposal to take down Mark Zuckerberg as chairman over his “mishandling” of scandals this year.

According to reports, state treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal.

“We need Facebook’s insular boardroom to make a serious commitment to addressing real risks — reputational, regulatory, and the risk to our democracy — that impact the company,” Stringer said in a statement, adding, “An independent board chair is essential to moving Facebook forward from this mess, and to reestablish trust with Americans and investors alike.”

The proposal is largely symbolic as Zuckerberg holds absolute control of the board

A spokesperson for Facebook declined to comment.

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