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'Facebook CEO Zuckerberg should resign'

ANI  London, August 20, 2012
First Published: 17:40 IST(20/8/2012) | Last Updated: 17:44 IST(20/8/2012)

Corporate experts have accused Facebook founder Mark Zuckerberg of being 'in over his hoodie' and called for him to step down as CEO of the firm as the social networking giant's share price continues to fall.

According to some experts, 28-year-old Zuckerberg should stick to his role of a technological innovator and hand the CEO reins over to a more experienced person.

"There is a growing sense that Mark Zuckerberg, talented though he may be, is in over his hoodie as CEO of a multibillion-dollar public company," The Los Angeles Times quoted Sam Hamadeh, head of research firm PrivCo, as saying.

"While in many cases a company founder can, and does, grow into the job, things are happening so quickly that there is precious little time here for Zuckerberg to do that," he added.

Doubts about the Facebook founder intensified as the company's stock price plunged to an all-time low dropping to 19.87 dollars, almost half its IPO price.

The paper also quoted Barry Ritholtz, head of research firm Fusion IQ, as saying that the drooping stock price could tag the company itself with a "stink of failure" that could make advertisers less willing to use Facebook.

According to the paper, some investors blame Zuckerberg for several missteps, such as pricing the IPO at a stratospheric 100-billion dollars valuation.

According to some experts, Zuckerberg's indifference to traditional corporate etiquette, like wearing sneakers and his trademark hoodie for Facebook's first big investor meeting, is viewed as disrespectful of the corporate world he needs to win over.

"His behaviour is what I would expect of someone his age, the hoodies and everything else," said Chris Whalen, senior managing director at Tangent Capital Partners in New York.

"He's trying to appeal to his audience instead of being responsible to his investors. His job now is to run the company," he added.

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