Mark Zuckerberg has no plans to leave Facebook anytime soon
One week after an opinion editorial was published in The Times criticising Facebook's responses to continued scandals of misuse of its service, Mark Zuckerberg has said in an exclusive interview with CNN that he has no plan to step down as chairman of Facebook but recognises "I'm not going to be doing this forever."
One of the main figures from Facebook, aside from Zuckerberg, facing large brunts of criticism for Facebook's continued handling of various criticisms is the Chief Operating Officer, Sheryl Sandberg. Zuckerberg voiced his support for Sandberg in the CNN interview stating, “Sheryl is a really important part of this company and is leading a lot of the efforts to address a lot of the biggest issues that we have.”
Over 60% of Facebook's voting shares are controlled by Zuckerberg, meaning he has full control of the company. This also technically means only Zuckerberg can remove himself from the role of chairman as he controls a clear majority of the potential votes that could be used to remove him from his role. This type of power within companies is rare, and, according to experts, takes away accountability from senior management.
Facebook's 9-member board, which contains Zuckerberg and Sandberg as well as Netflix CEO Reed Hasting and technology billionaire Peter Thiel, has come out with majority support for the two executives.
Although Facebook is now over 2 billion registered members strong, the stock has continued to plummet almost 40% from its all-time recorded high this July with investors reportedly becoming restless against the continued backlash around long-term privacy and the influence the social networking platform has on political elections, particularly the 2016 United States presidential elections, which saw Donald Trump become the 46th President of the United States.