Daily Traders Edge

Facebook’s Mark Zuckerberg has no plan to step down

November 21
09:54 2018

Facebook Chief Executive Mark Zuckerberg is pushing back against calls for him to step down as chairman and hoped to continue working with his longtime chief operating officer, Sheryl Sandberg.

Zuckerberg made the comments during a TV interview on Tuesday that addressed the controversies pertaining to the social-media giant.

In the CNN interview,  Zuckerberg said stepping down as chairman in the near term is “not the plan” after some big shareholders proposed to push him out of that role following a string of management missteps.

Last week in a call with reporters, Zuckerberg rejected the shareholder proposal, saying it doesn’t benefit Facebook.

According to Facebook’s latest proxy, his share of the voting power among Facebook investors was 59.9%, meaning shareholders can’t force him out, according to Dow Jones Newswires.

Continue Reading at Fox Business

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