Facebook CEO Mark Zuckerberg will remain as chairman after a shareholder vote to curtail his power failed.
The proposal, voted down at Facebook’s annual shareholder meeting on Thursday by an undisclosed margin, required that Facebook appoint an independent chair to replace Zuckerberg. Critics had pushed for the vote following a string of controversies at the social media giant including privacy snafus, use of its service by to spread disinformation, and a lack of independent oversight.
The actual result at the meeting was foregone conclusion. Zuckerberg controls the majority of votes and is in no mood to loosen his stranglehold over the company that he co-founded.
But he did have to face withering criticism during the meeting when Arjuna Capital’s managing partner Natasha Lamb asked whether he would be willing to step down as chairman. Instead of answering directly, he dodged the question by talking about the need for governmental regulation.
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