Zuck Hunting: Investors Want to Blast a Clay Pigeon
April 14, 2019
I read “Facebook Investors Desperate to Boot Mark Zuckerberg from Chairmanship.” I wonder if these senior business professionals realize that the Zuck (Mark Zuckerberg) has taken anticipatory steps to remain in control of the Facebook privacy grinder.
The write up reports this sentence from an April 12, 2019, Securities & Exchange Commission filing:
[Zuckerberg’s] dual-class shareholdings give him approximately 60% of Facebook’s voting shares, leaving the board, even with a lead independent director, with only a limited ability to check Mr. Zuckerberg’s power,” reads the statement supporting the proposal. “We believe this weakens Facebook’s governance and oversight of management.
The write up summarizes some of the concern stakeholders have in the Zuck’s decision making.
Zuck (the “face” of Facebook) may not embrace the idea of a small step toward knocking his clay pigeons from the sky.
I learned that “Facebook isn’t a fan” of this idea.
From my vantage point in rural Kentucky, the situation seems to be:
- A lack of meaningful regulatory oversight and control on a company which has demonstrated a willingness to say “I am sorry.” Each time I hear these words from a Facebook professional, I think of John Cleese’s character being held upside down out of a window in “A Fish Called Wanda.”
- A desire to continue chugging forward in order to maintain what I call “HSSCMM” or high school science club management methods. (If you are not sure what this means, ask a high school science club student at an institution near you.)
- Confidence that the company’s team and its users can continue to bring the world together despite some modest evidence that Facebook causes a small amount of disruption.
The push back strikes me as an example of too little, too late. But at least there is some questioning of the HSSCMM’s efficacy.
I hear the call “pull” but that clay pigeon is flying free. The prized Zuck sails forward unscathed.
Stephen E Arnold, April 14, 2019
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