Facebook's Problem Isn't Zuckerberg, It's Peter Thiel
George Anders thinks a better board could turn Facebook around
By Kevin Spak,  Newser Staff
Posted Aug 21, 2012 12:57 PM CDT
A Facebook worker waits for friends to arrive outside of Facebook headquarters in Menlo Park, Calif., Friday, Aug. 17, 2012.   (AP Photo/Paul Sakuma)

(Newser) – Bedrock investor Peter Thiel has sold off more than 90% of his stake in Facebook, and it might be high time he followed that stock out the door. Thiel still has a seat on Facebook's board, even though he now holds just 5.6 million shares, or 0.3% of the company. "Thiel had his chance to cash out a huge fortune … and he made the most of it," writes George Anders of Forbes. "That's cold comfort to Facebook's big cohort of new shareholders."

Lately, some publications have suggested that Mark Zuckerberg step aside as CEO. "That's absurd," Anders writes. "Facebook is a quirky, hypnotic, rule-breaking creation that has burst into the big time only because of the vision and gritty determination of its founder." What it needs is a stronger board that can tighten the reins and get the business back on track, much as Amazon's board supports Jeff Bezos. Disinterested parties like Thiel need to go, making way for directors "who can better represent the IPO investors." Click for Anders' full column.