Some public funds want to replace Mark Zuckerberg as Facebook chairman
CNNSan Francisco CNN Business — Following a long string of scandals and controversies, some Facebook investors believe the company would be better off without Mark Zuckerberg as its chairman. On Wednesday, a number of state and city treasurers joined a proposal asking Facebook’s board of directors to remove Zuckerberg as chairman. Making the role of chairman an independent position “is best governance practice that will be in the interest of shareholders, employees, users, and our democracy,” the treasurers said in its latest proposal letter. “We need Facebook’s insular boardroom to make a serious commitment to addressing real risks – reputational, regulatory, and the risk to our democracy – that impact the company, its shareowners, and ultimately the hard-earned pensions of thousands of New York City workers,” he added.