Public funds back plan to replace Mark Zuckerberg as Facebook chairman [CNN]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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Source: CNN
When Priscilla met Mark San Francisco (CNN Business) Following a long string of scandals and controversies, some Facebook investors believe the company would be better off without Mark Zuckerberg as its chairman. On Wednesday, a number of state and city treasurers joined a proposal asking Facebook's board of directors to remove Zuckerberg as chairman. They want to make the position independent from the founder and CEO. The treasurers represent New York City, Rhode Island and Pennsylvania, which have public funds invested in Facebook. The effort is being led by Trillium Asset Management. But proposal has very little chance of unseating Zuckerberg due to the way he set up the company to preserve control. Zuckerberg has the majority of voting power in Facebook and 75% of its class B stock, which has 10 times the shareholder votes of a regular share. Making the role of chairman an independent position is best governance practice that will be in the interest of
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