Mark Zuckerbergended his Wednesday significantly less wealthy than when it started.
Zuckerberg’s major dip would also mark a fall on the Bloomberg Billionaires Index, moving him from third place to sixth, according toMoney.
Trillium, which has an $11 million stake in Facebook,submitted a proposal later arguing that Zuckerberg should not be both chair and CEO.
Jonas Kron, the senior vice president of Trillium, tells PEOPLE, “We filed it because we think separating the chair and CEO is basic good governance but particularly for Facebook at this time. Google, Microsoft, Apple, Oracle, Twitter all have separate CEO and chair roles.”
However, Kron adds, “We filed the shareholder proposal with our eyes wide open to the fact that Mark Zuckerberg controls 60 percent of the vote.”
Kron says Trillium’s proposal was actually submitted on June 29, though the shares dip brought it into the spotlight.
“Our interest in filing the proposal in some ways is not unlike the general reaction among investors,” says Kron. “It’s the cumulative weight of all these different issues. It’s the Russian meddling in the elections, it’s the sharing of personal data of 87 million users with Cambridge Analytica, data sharing with device manufactures.”
Continues Kron, “Each of these issues can sort of be dealt with in a whack-a-mole fashion, but there’s sort of a big picture that needs to be addressed here. We think the board structure helps address that, and we think a separation of chair and CEO will help address that big picture responsibility.”
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“This was a major breach of trust,” Zuckerbergsaid on CNNin March. “We have a basic responsibility to protect people’s data. And if we can’t do that then we don’t deserve to have the opportunity to serve people. So our responsibility now so this doesn’t happen again.”
Brent Thill, a Jefferies managing director, toldForbes, “Facebook did not deliver this quarter, but we remain bullish about the long-term outlook.”
source: people.com
