Audio By Carbonatix
A powerful activist investor group called for Mark Zuckerberg to step down in a statement today, citing new admissions of irresponsibility in the CEO’s planned testimony to the House Energy and Commerce Committee.
“Mark Zuckerberg’s prepared testimony highlights a simple fact: He doesn’t understand how a large, global and publicly-held company is run,” Open MIC CEO Michael Connor said in a statement. “He currently has two jobs at Facebook — CEO and Chairman of the Board. It’s time for him to give up at least one, if not both, titles.”
“It is long past time for Facebook to separate the roles of company CEO and Chairman,” Connor continued, “and for Mark Zuckerberg to resign or be fired.”
While Open MIC does not hold any Facebook shares, it has a history of coordinating Facebook investors to call for more responsible behavior from the company. Earlier this year, the group coordinated requests for a shareholder report on election interference and other platform challenges, as well as a separate request to establish an ongoing risk oversight committee.
Open MIC isn’t the only group bringing pressure on Zuckerberg. Last week, New York City comptroller Scott Stringer called for similar changes in Facebook’s board structure on behalf of the city’s municipal pension fund, a significant investor in Facebook. Stringer cited recent declines in the company stock as a result of seemingly irresponsible behavior. The company’s stock has declined nearly 15 percent since the most recent Cambridge Analytica details came to light. “We think there needs to be more board oversight,” Stringer said. “We think there needs to be an independent chairman of the board.”
Over the weekend, a separate editorial in The San Francisco Chronicle also called on Zuckerberg to resign.
The Facebook founder has adamantly resisted any calls to give up control of the company, telling The Atlantic in an interview this morning that he had not considered resigning because he’s “very confident that we’re gonna be able to work through these issues.”
Zuckerberg holds only 16 percent of Facebook stock but retains 60 percent of the company’s voting rights, making it all but impossible for investors to unseat him against his will. In September, Facebook’s board blocked a plan that would have entrenched Zuckerberg’s voting power even further by reclassifying the company’s stock.
Still, the calls for restructuring will likely increase the pressure on Zuckerberg as he prepares to testify before Congress later this week.
Latest Stories
-
Today’s front pages: Monday, February 23, 2025
7 minutes -
MTN Group CEO Ralph Mupita ends 3-day tour of Ghana
26 minutes -
24-hour economy is doable, but must be premised on effective demand – Oppong Nkrumah
43 minutes -
NIB injects GH¢1m into Military Housing Project, plans Burma Camp branch
47 minutes -
Police probe violence at Agona Swedru Schools Athletics Games
1 hour -
Funeral of Togbega Kwaku Ayim IV: Ho pays homage to the late Paramount Chief of Ziavi (Photos)
2 hours -
NPP Sweden branch congratulates Bawumia on flagbearer victory for election 2028
2 hours -
CDM demands emergency education fund and transparent deployment framework
2 hours -
Student injured in clash at Agona Swedru District Schools Athletics Games
2 hours -
A Rocha Ghana demands stronger action against galamsey
2 hours -
Gbetseli Manste threatens demonstration over prolonged water crisis
2 hours -
Ghana climbs to 8th richest in Africa under Mahama – Labour Minister
2 hours -
Interior Ministry announces mop-up dates for security recruitment Aptitude Test
2 hours -
Free SHS most consequential social policy of the Fourth Republic – Afenyo-Markin
2 hours -
Papa Owusu-Ankomah’s son alleges political pressure, media manipulation in gold row
2 hours
