It might be surprising for over a billion people who regularly use Facebook, to hear the dismissal of CEO, Mark Zuckerberg. As strange as it may sound, the news of Facebook shareholders seriously considering the idea may just mean exactly that for the social media revolutionist.
According to VentureBeat.com, Facebook shareholders are pressing on the company to remove chief executive Mark Zuckerberg from the board of directors. This was learnt through a proposal which was shared and portrayed the view of having an “independent chairperson” to better manage the company and “improve corporate governance, and set a more accountable, pro-shareholder agenda.”
Fake news has been a source of intense criticism for Facebook and Zuckerberg’s lack of any tangible action has increased frustrations from within the ranks. Even though it is highly unlikely that the board would actually remove Zuckerberg from the position or even think about utilizing him in another capacity, taking shareholder views as a top priority is also critical for any company.
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SumOfUs Shareholders of Facebook and the 2016 US Elections
SumOfUs is a consumer watchdog group and a number of the members who are pushing this view belong to it. Fake news has been around for years now and could be seen on Facebook quite visibly, but it really questioned the Silicon Valley company’s credibility during the 2016 American Elections.
The proposal mentioned this issue in quite detail:
“We believe that independent board leadership would be particularly constructive at Facebook as our company faces increasing criticism regarding its perceived role in the promotion of misleading news; censorship, hate speech and alleged inconsistencies in the application of Facebook’s community standards guidelines and content policies; targeting of ad views based on race; collaboration with law enforcement and other government agencies; and calls for public accountability regarding the human rights impacts of Facebook’s practices.”
Mark Zuckerberg and His Position
Currently, Mark Zuckerberg is the chief executive and chairman of the board at Facebook. This is not uncommon, especially in tech companies of today. Many other top names out there share a similar sort of corporate governance structure, but that does not mean there should not be any change. If stakeholders in Facebook have gone as far as saying that they want someone independent and issuing a proposal mapping the transition out, it may become a reality in the coming weeks or months.
One thing is for sure and that is there is a need for real change in Facebook’s current structure. Whether that may come by replacing Mark Zuckerberg as CEO with someone “independent” or making changes elsewhere. What the company needs to take into consideration is the fact that Facebook stock prices and number of users continue to rise despite such claims of credibility issues. Fake news is definitely a problem in need of being addressed, but will it come with replacing Zuckerberg?
After fake news started becoming a widespread problem, Facebook had announced strict action against the sources. Even though Facebook was not the only one being affected by it, the social media company faced the most heat from it. Zuckerberg was also very much against the idea of Facebook influencing the election in any way, but we’re sure most people would blatantly disagree with that statement.
For now, Mark Zuckerberg is still the chief executive of Facebook and will remain for the time being. How far this proposal will go remains a mystery, but this is not the first or last time the idea will be floated around. It will be interesting to see how things go from here.