Facebook Investors Want To Dismiss Mark Zuckerberg As Its Chairman

Some state officials who are shareholders of Facebook join forces to push CEO Mark Zuckerberg out of the Chairman position in the board of the biggest social network in the world.

According to a release, the state financial officers of Illinois, Pennsylvania and Rhode Island and comptroller from New York signed as co-chairman asking shareholders to ask the B.O.D of Facebook to act as president a stand-alone position. In June, the investor Trillium Asset Management originally filed the proposal.

The social network company refused to make statements.

The mentioned above proposal is a representative on the whole. Right for voting of Zuckerberg accounts for 60% in the class of shareholders cause he won lots of preferred stock which is ten times more valuable than a normal share in voting right.

Notwithstanding, the action on Wednesday sheds a light on just gone misgiving about the chief of Facebook. The request on installing somebody else, not Zuckerberg (who has been the co-founder of the company since he was a Harvard student since 2004) to become the new Facebook’s chairman recommends several supporters who are powerful enough to back the Facebook according to the new instruction of the social network company. The move comes after a load of predicaments happened to the company.

After the news on 29 million Facebook accounts was stolen individual data by hackers disclosed by Facebook in September coming the co-filing. The co-filing and suggestions also accentuate  Facebook's 'mishandling' of other issues lately. Currently, the social network is still in a whirl caused by the scandal with Cambridge Analytica in the issue on Russia intervenes in the US presidential election. Cambridge Analytica had collected data of 87 million people illegally.

Illinois State Treasurer Michael Frerichs said in the release, “The administrative organization of Facebook keeps on posing risks on its investors. It’s time for a change now. We entail Mark Zuckerberg’s responsibilities for the B.O.D to revive the confidence of investors as well as securing the value of shareholders.”

Last year, another suggestion on appointing an independent chair was submitted but it was not approved. In May 2019, the new suggestion is expected to be voted at the annual shareholder meeting of the social network company.