A vocal group of Facebook investors is saying the time has come for the company to jettison the man who founded it, Mark Zuckerberg.
Zuckerberg, who serves as CEO of the company as well as the chairman of its board, underwent tough scrutiny of his leadership during May’s shareholders’ meeting.
At that meeting, investor James McRitchie said the company had become a “corporate dictatorship.”
“Mr. Zuckerberg, take a page from history. Emulate George Washington, not Vladimir Putin,” McRitchie said, according to Fortune.
“If ‘privacy is a human right,’ as stated by Microsoft’s CEO, then we contend that Facebook’s poor stewardship of customer data is tantamount to a human rights violation,” Christine Jantz, chief investment officer at NorthStar Asset Management, said during the meeting, CNN reported.
As noted by Business Insider, because of the way Facebook’s stock is divided, Zuckerberg and a few company insiders have the power to stave off almost any reforms proposed by the broader group of independent investors who often have millions riding on the fate of the company.
However, investors have not accepted the rejection of their reforms as the last word, and are meeting to plot a strategy that could lead to major changes at the social media giant.
“We have concerns about the structure of the board that the company doesn’t seem ready to address, which can lead to risks — reputational, regulatory, and otherwise,” said New York City Comptroller Scott Stringer.
“The idea that there should be an autocrat in charge of a gigantic public company, which has billions of dollars of shareholder money invested in it, is an anachronism,” Doherty said. “It harks back to the 19th century when you had these robber barons who were autocrats and dictators.” – READ MORE
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