News: No plan to step down from my role - Mark Zuckerberg

#Corporate

No plan to step down from my role - Mark Zuckerberg

Last month shareholders of Facebook proposed to remove the current CEO Mark Zuckerberg as Chairman citing the several high-profile scandals
No plan to step down from my role - Mark Zuckerberg

Putting all the rumors aside, Founder of Facebook, Mark Zuckerberg has cleared the confusion of not stepping down from his position in an interview with CNN. 

He said, “That's not the plan. I'm not going to be doing this forever, but I'm not currently thinking that makes sense.”

It can be recalled that last month shareholders of Facebook proposed to remove the current CEO Mark Zuckerberg as Chairman citing the several high-profile scandals. The shareholders are also expecting to gain support from larger asset managers.

Last month, several shareholders officially backed a proposal that would make the role of chairman an independent position, similar to tech giants like Apple, Microsoft, and Google. Hedge fund Trillium Asset Management proposed a similar move back in June but was ultimately voted down. At the time, Facebook insisted that an independent chairman “cause uncertainty, confusion, and inefficiency in board and management function and relations.”

Scott Stringer, Comptroller of New York City has co-filed the proposal along with state treasurers from Illinois, Rhode Island, and Pennsylvania. The proposal accuses that Mark Zuckerberg has mishandled the company scandals, which also includes major security breaches and the spread of misinformation by political groups.

In the past various such proposals has been proposed but no action has been taken till date. Last week talking to the media rejected the shareholder proposal, saying it doesn't benefit Facebook.

Topics: #Corporate, C-Suite

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