Sat. Aug 24th, 2019

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Mark Zuckerberg set to face leadership vote at Facebook’s Annual Meet

2 min read

Facebook’s Chief Executive Officer Mark Zuckerberg is all set to face a leadership vote at the company’s annual general meeting on Thursday to step down as Chairman.

Zuckerberg is both Facebook’s chief executive and the chairman of its board of directors.

Reports say Zuckerberg is unlikely to lose the vote because he owns 60 per cent of the company’s shares.

However, the percentage of shareholders who vote against him could indicate how much faith they have in his leadership , says bbc

Trillium Asset Management which owns $7m (£5.5m) worth of Facebook shares, and works with other businesses that control “hundreds of millions” of dollars worth of the company’s shares is advocating Mark Zuckerberg citing privacy controversies.

Jonas Kron, senior vice-president at Trillium said they are not fine with Zuckerberg holding two positions in Facebook.

“He’s holding down two full-time jobs in one of the most high-profile companies in the world right now. And if he can focus on being the CEO, and let somebody else focus on being independent board chair, that would be a much better situation,”– he said

“He has examples in Larry Page and Alphabet, Bill Gates and Microsoft, of what it can look like for a founder not to be the chairman of the board.

“I realise that it may not be an easy step to take, but it’s an important step that would be to his benefit and to his shareholders’ benefit.”

It is to be noted that in May Facebook’s former security chief Alex Stamos called for resignation of  Zuckerberg as cheif executive officer.

“There’s a legit argument that he has too much power,” Mr Stamos told the Collision Conference in Canada.

Mr Zuckerberg previously defended his leadership of Facebook.

In April, he said: “When you’re building something like Facebook, which is unprecedented in the world, there are things that you’re going to mess up.

“What I think people should hold us accountable for is if we are learning from our mistakes.”

 

 

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