Facebook to remove CEO Zuckerberg?

Facebook CEO Mark Zuckerberg

Too much power vested in one person always creates problems and Facebook CEO Mark Zuckerberg seems to be the target now. According to a VentureBeat report, the tech giant is being coerced by a group called SumOfUs to remove the CEO from the board of directors.  It is an online group which questions the issues faced in big companies face, including worker rights, discrimination,etc.

According to the VentureBeat, 333,000 people signed the petition triggering Facebook "to improve its corporate citizenship." It also states that the proposal to issue the Class C shares to Zuckerberg was a bid to keep him in control and remain involved in Facebook for a longer period of time. The proposal states that having an independent board chairman would help to balance the power between a CEO and a chairman and increase the shareholder value. 

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Facebook has declined to comment yet but is expected to do so in April. It is doubtful that the shareholders would go against the CEO considering that the financial status is only improving and he can easily have the proposal rejected since he holds a majority of shares himself. The only issue that the group probably has that his own vision is putting so much of the company on the line and leading Facebook to a path he feels right damaging the shareholder value. Also his "don't give a damn" attitude may not please all his shareholder.

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It is unlikely that the proposal would be passed but there are ringing bells taking note of the "fake news" , "censorship" problems that has put Facebook under the scanner. What do you feel about the proposal? Leave in the comments section below. If you like us, subscribe to our newsletter and help us grow.