The group of Facebook shareholders is seeking for the removal of its Founder and Chief Executive Officer (CEO) Mark Zuckerberg from company’s board of directors.
Demanding the removal of Facebook CEO, the bid was filled by the members of watchdog group SumOfUs who are also holding some number of stakes in the company. It was reported that nearly about 333,000 people filed a petition for the removal of Facebook CEO from his position. While there is among the 1,500 who are the actual shareholders.
According to the bid, “In our view, shareholders value is enhanced by an independent board chair who can provide a balance of power between the CEO and the board and support strong board leadership. Independent board leadership is sorely needed at Facebook following the board’s decision in 2016 to approve a new capital structure which reduced the rights of Class A shareholders without requiring a majority vote of those shareholders”.
Irrespective of the petition filed against the founder and Chief Executive Officer, Mark Zuckerberg will not affect hard as Zuckerberg holds a substantial amount of shares and possess major stand in the policy making of the company.