
Funds Back Proposal to Remove Zuckerberg as Facebook Chairman - sus_007
https://www.wsj.com/articles/funds-back-proposal-to-remove-zuckerberg-as-facebook-chairman-1539789440
======
mwfunk
I always thought it was weird that it was possible for someone to be both an
executive at a company and have a seat on the board. I know this is a common
thing in the tech industry, it just seems weird to me. In theory the board
exists to provide oversight of the executives on behalf of the shareholders,
so having the CEO on the board is a natural conflict of interest.

~~~
captain_perl
If you think that's weird ... I've done some reading of the Facebook public
legal documents.

Facebook control passes to his heir from what I read ... like a feudal
monarchy. Let the games begin!

~~~
olliej
Well yes, because he owns more than 50% of the voting stock. That’s how
ownership works. This isn’t “Facebook has a rule that says the ceo is replaced
by his child”, it’s a matter of “Facebook ceo owns more than 50% of voting
stock, and is leaving it to his family”. Feudal is: irrespective of ownership,
control is hereditary. (Monarchies generally don’t own more than 50% of the
assets in a country)

The alternative would be to prohibit leaving assets to your family in your
will.

------
mindgam3
And so it begins. The Facebook backlash finally reaches the shareholders. Grab
some popcorn, the next few quarters are going to be decidedly interesting for
anyone long on FB.

------
neonate
[http://archive.is/MYLmJ](http://archive.is/MYLmJ)

------
s09dfhks
curious to see if this moves the stock

------
forgingahead
Clickbait title. From the WSJ article covering the same story:

 _The announcement has no practical effect on Mr. Zuckerberg and his position
as both CEO and chairman because he has a lock on the bulk of Facebook’s
supervoting shares, each of which gives him 10 times the votes of average
shareholders. According to Facebook’s latest proxy, his share of the voting
power among Facebook investors was 59.9%._

[https://www.wsj.com/articles/funds-back-proposal-to-
remove-z...](https://www.wsj.com/articles/funds-back-proposal-to-remove-
zuckerberg-as-facebook-chairman-1539789440)

~~~
Alex3917
Until the SEC strips his supervoting rights as part of the settlement for some
scandal.

~~~
nashashmi
There is an extra step: When the SEC sues him, ..

and trades in the dirt they have on him for his supervoting rights in a
settlement, then ...

