Public pension fund leaders from New York, Illinois, and three other states renewed their call for Facebook Chief Executive Mark Zuckerberg to abdicate his...
Public pension fund leaders from New York, Illinois, and three other states renewed their call for Facebook Chief Executive Mark Zuckerberg to abdicate his role as chairman, citing escalating support among outside investors in the company.
Illinois State Treasurer Michael Frerichs added “it’s time for the company to separate the Board Chair and CEO roles. Right now, Mr. Zuckerberg is both Board Chair and CEO, serving as his own boss, and clearly it’s not working.” The long-time combatants were emboldened by results from last week’s Facebook shareholders meeting, released late Monday. It showed 68% of outside shareholders supported a proposal to make the role of chairman an independent position – a significant jump from the 51% support a similar measure earned in 2017.
But their steady drumbeats of demands, which stretch back to early 2018, aren’t likely to be met because Zuckerberg and other insiders control nearly 60% of Facebook’s voting power via a special class of shares that wield 10 times the voting power of standard shares
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