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Investors rallied around for Zuckerberg’s resignation as Facebook Chairman

For hiring a PR firm to bring out dirt on its competitors and critics, the social network giant Facebook’s investors have demanded a resignation of the social network CEO and Chairman Mark Zuckerberg.

Jonas Kron, Senior Vice President at Trillium Asset Management which owns a substantial stake in Facebook told The Telegraph that the social network site is behaving like it’s a special snowflake. The company need to have a separate chair and CEO, he added. The voice got support from another investor Natasha Lamb.

Earlier, The New York Times revealed that Facebook hired Definers Public Affairs for the social networking giant. The PR firm had allegedly published news articles criticising FB’s competitors.

Mark Zuckerberg denied having knowledge of the development and the firm. However, he confirmed that Facebook is no longer working with the PR firm. Zuckerberg had asked Sir Nick to review the business’ lobbying operations.

Facebook and its COO Sheryl Sandberg denied it of using PR firm as a tool of an anti-Semitic attack against critics.

Fourteen years old Facebook is majorly controlled by Zuckerberg. His ownership represents 60 per cent of the company’s voting shares.

In Silicon Valley, it is common practice by the founders to retain control of the firm.

Recently, Tesla had appointed Robyn Denholm as the new chairman of the board replacing Elon Musk who held the post for 14 years. Last year in June, Uber CEO Travis Kalanick had to resign as CEO after pressure from shareholders.

Source: Entrackr

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