Facebook CEO, Mark Zuckerberg Says He wouldn’t Step Down As Chairman

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Facebook Mark Zuckerberg

Facebook Mark Zuckerberg has rejected calls for him to step down as chairman of the company. The call was made by Facebook shareholders after reports that the company hired a public relations firm to smear its critics. Report says the shareholders wants Mr Zuckerberg to relinquish his dual role as chairman and chief executive.

The social media giant has been under fire due to its handling of a scandal over Russian interference in the 2016 US elections and the Cambridge Analytica scandal. According to the shareholders, the move was in the interest of the company.

Among those calling for his resignation, is Jonas Kron, a senior vice president at Trillium Asset Management, who owns £8.5m stake in Facebook. Jonas was quoted as saying; Facebook is behaving like it’s a special snowflake, It’s not. It is a company and companies need to have a separation of chair and CEO

Responding to the call, Zuckerberg via an interview with CNN, revealed that stepping down as chairman is not an option. According to him, the move will not be beneficial to him or the shareholders. The Facebook boss who still owns about 59.9% of the company share, remain the major shareholder of the company. He said, he hoped to continue working with his longtime chief operating officer, Sheryl Sandberg. While referring to Sandberg as an ‘important partner’ the Facebook CEO says he hope that they can work together for decades more to come.

The Wall Street Journal reported on Sunday that Zuckerberg has strained relations with Sandberg in recent months as he has adopted a tougher, more assertive management style.

He and Sandberg has come under fire in Facebook’s slow response to uncover evidence of Russian manipulation during the U.S. Presidential race in 2016 and stopping the spread of misinformation on the platform.

They have also faced scrutiny for Facebook’s privacy practices and its role in inflaming violence in countries like Myanmar.

 

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