Mark Zuckerberg is a bad leader who has surrounded himself with sycophants while falling victim to the “dangers” of “chasing money” and “being the wealthiest guy around,” according to a senior fellow at Harvard Business School.
Bill George, who was CEO of the medical technology company Medtronic before taking up his fellowship at Zuckerberg’s former school, said that the Meta boss is “continuing to derail” his firm.
“I think, frankly, the wealth went to his head,” George told Yahoo! Finance.
George said Zuckerberg, whose net worth is pegged by Forbes at $ 60.8 billion, is to blame for Facebook losing its market share to upstart rival TikTok.
“I think Facebook is not going to do well as long as he’s there,” George told CNBC Make It.
“He’s likely one of the reasons so many people are turning away from the company. He’s really lost his way. “
The Post has sought comment from Meta Platforms Inc.
George – the author of “True North: Leading Authentically in Today’s Workplace, Emerging Leader Edition” – told Yahoo! Finance that Zuckerberg erred by pushing out his longtime COO and No. 2 Sheryl Sandberg.
“He has Sheryl Sandberg there. He had some senior mentors on the board. He pushed them all out. “
Sandberg announced in June she is leaving the company she helped build into a global phenomenon. Sandberg will remain on Meta’s board of directors.
“He’s got a group of young people that are more like Mark’s followers,” George said. “It’s too bad that Mark is really derailing right in real time.”
When asked what Zuckerberg needs to do differently, George replied: “An organization needs to clearly say: ‘This is what we stand for. You may disagree, but this is what this company stands for. ‘”
“And I think he really has hurt a lot. And frankly, young people are moving away from Facebook. “
George said Zuckerberg falls under the category of business leaders who sacrifice their values and ideals in the pursuit of maximal profit.
Zuckerberg co-founded Facebook while he was a student at Harvard in 2004 before dropping out to build the social media site.
Under his leadership, the company has massed nearly 3 billion users worldwide. Its market capitalization as of Monday stood at $ 454 billion.
But Facebook, which has been rebranded as Meta to focus on its expansion into the metaverse, has seen its stock price fall by more than 55% since it reached an all-time high last year of close to $ 384 a share.
As of 1:20 pm Eastern time on Monday, Meta’s stock price was down 1.47%. It was trading at just south of $ 169 a share.
Earlier this year, Zuckerberg indicated that his company would begin to purge itself of employees who didn’t meet stringent production standards.
Meta put in place a freeze on new hires and cut down on costs. The most recent earnings numbers show that second-quarter sales fell 1% from the same period last year while operating profits fell by 32%.
The surge in popularity of TikTok has forced Meta subsidiary Instagram to adopt changes to its platform that would mimic the video-sharing app.
But social media influencers who command audiences of millions on Instagram have chafed at the proposed tweaks to the service.