Mark Zuckerberg is a single point of failure at a company that is systemically important to the internet (FB)

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• 83% of independent Facebook investors believe Mark Zuckerberg should be fired as chairman of the board.
• It is extremely rare for a majority of common stockholders to vote against their own CEO with such a massive majority.
• The shareholders' problem is that Zuckerberg has a history of making mistakes.
• The cost of Zuckerberg's errors in judgment run into the billions. In one morning back in March, $30 billion was wiped from the value of the stock over an incident that Zuckerberg later took responsibility for.
• Texts between Zuckerberg and board member Marc Andreessen show that at least one other Facebook director thinks Zuckerberg's control of the stock is "the straw that breaks the camel's back on the optics of good governance."
• It's weird that a company that is systemically important to the internet is so dependent on a single point of failure: Zuckerberg.
  

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Mark Zuckerberg is the founder, CEO, and chairman of the board at Facebook. He also controls a majority of the company's voting stock. His power at the company is complete. He cannot be fired or disciplined. If the directors on his board attempted to remove him, he could simply vote with his stock to replace them with friendlier ones. It is unlikely the current directors would do that because they are each paid at least $350,000 a year, except for the ones who are also Zuckerberg's company employees — they are paid many millions more.

Zuckerberg has much more power than ordinary CEOs at publicly traded companies, many of whom are held accountable by independent board chairmen and directors appointed at the behest of investors. On paper, everything ought to be going his way.

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SEE ALSO: Zuckerberg's control of Facebook may be a threat to the value of the stock, Macquarie says

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