Investors with nearly three billion Dollars in shares are reportedly mounting a bid to topple Mark Zuckerberg as chairman of facebook following growing anger about his ‘dictatorship’ over the company.
Reports said that six investors believe Zuckerberg’s twin roles as CEO and chairman, along with almost complete control of voting rights, means he can swat away opponents seeking change.
They are demanding him to relinquish his role as chairman to allow an independent executive to be hired in his place. They also want a change in voting rights.
Normally, the executive officer of a company is accountable to the board of directors, which is headed by the chairman. One of the investors said that the idea of an autocrat in charge of a gigantic public company, which has billions of dollars of shareholder money invested in it, is an anachronism. He likend it to 19th century when there were robber barons who were autocrats and dictators.