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Key Facebook investors join push to oust Mark Zuckerberg as chairman – CNET

James Martin/CNET

Several state officials who manage public funds with holdings in Facebook want to see CEO Mark Zuckerberg out as chairman of the social network's board.

The state treasurers of Rhode Island, Illinois and Pennsylvania, as well as the New York City comptroller, on Wednesday co-filed a shareholder proposal asking Facebook's board of directors to make the role of Board Chair an independent position, according to a release. The proposal was originally filed by investor Trillium Asset Management in June.

Facebook declined to comment.

The new filings come after Facebook revealed in September that hackers stole the personal info of 29 million people. The proposal to remove Zuckerberg also highlights Facebook's "mishandling" of other recent incidents, including Russian meddling in US elections and the Cambridge Analytica scandal.

"Facebook's governance structure continues to put its investors at risk," said Illinois State Treasurer Michael Frerichs in the release. "Now is the time for change. We need to see more accountability of Mark Zuckerberg to the Board of Directors to restore investor confidence and protect shareholder value."

The proposal will voted on at Facebook's annual shareholder meeting in May 2019.