Investor groups call for Mark Zuckerberg to resign

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A powerful group of activist investors called Mark Zuckerberg to resign in a statement today, citing new admissions of irresponsibility in the testimony planned by the CEO for the House Energy and Commerce Committee.
"The prepared testimony of Mark Zuckerberg highlights a simple fact: he does not understand how a large, global and public company is managed," Open MIC CEO Michael Connor said in a statement. "He currently has two jobs on Facebook: CEO and Chairman of the Board, it's time for him to relinquish at least one, if not both, titles."
"It is time for Facebook to separate the roles of CEO and President of the company," Connor continued, "and for Mark Zuckerberg to resign or be fired."
While Open MIC does not own any Facebook shares, it has a history of coordinating Facebook investors to demand more responsible behavior from the company. Earlier this year, the group coordinated requests for a shareholder report on the electoral interference and other platform challenges, as well as a separate request to establish a permanent risk monitoring committee.
"It is time for Mark Zuckerberg to resign or be fired."
Open MIC is not the only group that puts 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 major investor in Facebook. Stringer cited recent declines in the company's stock as a result of seemingly irresponsible behavior. The company's stock has declined almost 15 percent since the last details of Cambridge Analytica came to light. "We believe that there needs to be more oversight of the board," Stringer said. "We believe it is necessary that there be an independent council president."
Over the weekend, a separate editorial in The San Francisco Chronicle also requested the resignation of Zuckerberg.
The founder of Facebook has resisted any call to leave the company, and told The Atlantic in an interview this morning that he had not considered resigning because he is "very sure that we can solve these problems."
Zuckerberg owns only 16 percent of Facebook's shares, but retains 60 percent of the company's voting rights, which makes it virtually impossible for investors to evict him against his will. In September, the Facebook board blocked a plan that would have further entrenched Zuckerberg's voting power by reclassifying the company's stock.
Still, restructuring orders are likely to increase pressure on Zuckerberg as he prepares to testify before Congress later this week.


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