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Facebook shareholder revolt gets bloody: Powerless investors vote overwhelmingly to oust Mark Zuckerberg as chairman

Published: June 4, 2019
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The Facebook shareholder revolt just got bloody.

In a filing on Monday, Facebook revealed how investors voted on a raft of proposals at its annual shareholder meeting last week — and the results underline the unrest among outside investors.

According to an analysis of the results by Open Mic — an organization that works with activist shareholders to improve corporate governance at America's biggest companies — independent shareholders overwhelmingly backed two proposals to weaken Mark Zuckerberg's power.

Some 68% of ordinary investors, those who are not part of management or the board, want to oust Zuckerberg as chairman and bring in an independent figure to chair Facebook's board. This was a significant increase on the 51% who voted in favor of an almost identical proposal last year.

Shareholders are furious at the way Zuckerberg has handled a series of Facebook scandals, including election interference on the social network in 2016 and the giant Cambridge Analytica data breach last year. They think the company would benefit from an independent chairman holding Zuckerberg and his top team accountable.

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