Sheryl Sandberg to step down from Facebook parent Meta after 14 years

Sheryl Sandberg is stepping down after 14 years as chief operating officer of Facebook’s parent company Meta, in a major upheaval that will see CEO Mark Zuckerberg lose one of his closest lieutenants.

Sandberg, one of the company’s most high-profile executives, will leave the company “in the fall” after a transition period while she remains on Meta’s board, she said.

In a post on her Facebook page on Wednesday, Sandberg didn’t explain her reasons for leaving the company, which has grown her from a zero-revenue start-up to a digital advertising giant. She said she’s “not entirely sure what the future holds” but wants to focus more on her philanthropic endeavors.

Javier Olivan, another longtime employee who is currently the company’s Chief Growth Officer, will assume the position of Operating Officer.

Zuckerberg called the move the “end of an era,” adding in his own lengthy Facebook post that the 52-year-old “designed our ad business, hired great people, forged our management culture and taught me how to run a business.”

Shares of the company fell nearly 3 percent on the news.

Sandberg joined Facebook in 2008 as a Harvard grad. She worked for then-US Treasury Secretary Lawrence Summers under President Bill Clinton and later grew Google’s advertising business as vice president of global online sales and operations.

Sandberg, who was cast as the “adult in the room” when he joined Zuckerberg’s team of then-20s, is credited with driving the monetization of the company, which went public in 2012 and had $117 billion in sales in 2021 .

During her tenure, she positioned herself as an advocate for women in the workplace and wrote the modern feminist call to arms leaning. She also presented herself as a champion of small businesses using Facebook to grow.

But as a public figure who once regularly met with lawmakers and regulators, she’s also been implicated in the numerous scandals surrounding privacy and content moderation, among others, that have rocked the company in recent years.

Zuckerberg said Olivan will assume a “more traditional COO role” in which he will “focus internally and operationally and build on his strong track record of making our execution more efficient and rigorous.”

The CEO also announced several other promotions as part of a broader restructuring following Sandberg’s departure. “I think Meta has reached the point where it makes sense to integrate our product and business units more tightly, rather than organizing all business and operational functions separately from our products,” Zuckerberg said.

Sheryl Sandberg to step down from Facebook parent Meta after 14 years Source link Sheryl Sandberg to step down from Facebook parent Meta after 14 years

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