You may soon hear a bad news. Yes, it’s regarding the removal of Mark Zuckerberg. He may no longer work as a board of director of the company. Some group of Facebook shareholders wants to replace him. They want an independent member of the board. Many Shareholders of the Facebook requested the company’s board of directors to replace him. They want to limit his power by kicking him out of Facebook’s board of directors. Shareholders want an independent chief who could prepare and improve corporate governance and set more accountable and pro-shareholder agenda.
As per online consumer watchdog SumOFUs, combination of double role weakens a corporate governance. This may harm shareholders values. Currently, Mark Zuckerberg is working as CEO and board of directors. This petition will cut his control and power over the company.
Around 333,000 people have signed petition who want Facebook to improve. They want to see the change the way its functions and behave. 1,500 people out of these are actually owned Facebook shareholders. So this petition is not just signed by the few fancy of handful people.
This demand is really puzzling. Under the leadership of Chief Mark Zuckerberg, Company has witnessed positive trend. Under his guidance company has gone from strength to strength, and shown positive revenue record last year. The stock price was at highest it has even been since company gone public. He has changed the vision of Facebook. As a CEO he has prepared a roadmap where he sees the company going into future.
The company may or most likely to crush the shareholder’s demand. This demand may not be turn up positive because Zuckerberg as one of the largest shareholders of Facebook. He can easily get support from other large individual stakeholders of the company. So he can easily kick off this petition.
Still things are not very much clear regarding kick out of current company chief. If we recall back, last year company had cleared the issuance of new class C shares. This has provided Mark Zuckerberg’s great control over the company. Further petition unveiled that there is a huge power imbalance at the very top of publicly traded company. This is the main reason behind removal of current chief.
As per the report this petition claim for swift action. This is very odd as Facebook facing lots of regularity issues. This petition demands due to increasing criticism against Facebook. Misleading news is one of them. As per the allegations Facebook is targeting ad views on based on race.
Mark Zuckerberg has many vision for future growth. These are in fields of artificial intelligence and virtual reality. Also, he launched new video initiatives. So these vision are very crucial to realizing and ensuring future growth of Facebook. As per reports kicking off in such conditions may not be a good idea. These benefits may be not realized for future growth of the company.