The situation surrounding Facebook and the digital consulting firm Cambridge Analytica has spurred on Mark Zuckerberg. A group of investors decided to start a campaign to take the company’s founder of power, claiming that he has no understanding of how a large publicly traded company and global reach should be managed.
Michael MICHAEL CONNOR, CEO of Open MIC, says Zuckerberg is no longer in a position to occupy the two positions he has in the company today. “He currently has two positions on Facebook: CEO and chairman of the board. It’s time for him to leave at least one position, if not both. ” Connor defends that Zuckerberg presents its own resignation or is fired of one of the positions.
It is important to note that any revolt against Zuckerberg tends to be fruitless because of the stock ownership of the company. That’s because even though the founder owns only 16% of Facebook’s shares, he still has 60% of the voting rights in the company, which means that he is protected against any insurgency by the shareholders or the board. He will only leave some of the positions if he wants, therefore.
It is also important to note that as much as Open MIC is influential, the company has no participation in Facebook. What the group does is coordinate the company’s investors for some specific purpose, such as soliciting conferences to discuss issues such as suspicions of Russian interference in the 2016 US presidential campaign through ads sponsored with money from abroad.
Open MIC is not the only one to ask for Zuckerberg’s resignation. Scott Stringer, director of New York’s Controllership, advocates a reorganization of Facebook’s board structure on behalf of a city’s municipal pension fund, which holds much of the company’s stock. He believes it is necessary to have an independent chairman of the board, able to oversee Zuckerberg’s actions.
Mark Zuckerberg, in addition to having the voting power to prevent any change from being made against his will, simply does not want to leave power in the company he founded in 2004. Facing the crisis, he just claims to be confident that the company will be able to overcome the problems without giving any indication that he intends to leave any of his posts.