Sheryl Sandberg is stepping down as chief operating officer at Meta Platforms in the midst of a tumultuous time at the company formerly known as Facebook. She will continue to serve on the board of directors.
The company’s chief growth officer, Javier Olivan, will take over as COO after a transition period.
One of the highest ranking women in the business and tech world, Sandberg joined the former Facebook in 2008 as founder Mark Zuckerberg’s no. 2. She authored the 2013 bestselling Lean In: Women, Work, and the Will to Lead.
In a Facebook post Wednesday, she thanked her longtime boss and said, “The debate around social media has changed beyond recognition since those early days.”
“To say it hasn’t always been easy is an understatement. But it should be hard. The products we make have a huge impact, so we have the responsibility to build them in a way that protects privacy and keeps people safe. I know that the extraordinary team at Meta will continue to work tirelessly to rise to these challenges and keep making our company and our community better. I also know that our platforms will continue to be an engine of growth for the businesses around the world that rely on us,” she wrote.
Meta, Formerly Known As Facebook, Is Changing Its Stock Symbol Too In Metaverse Rebrand
“It is time for me to write the next chapter of my life,” Sandberg wrote on a post on Facebook. “I am not entirely sure what the future will bring.” She said she will step down in the fall.
Before joining Facebook, Sandberg was vice president of Global Online Sales and Operations at Google, chief of staff for the United States Treasury Department under President Clinton, a management consultant with McKinsey & Company, and an economist with the World Bank.
Meta, whose assets include Facebook, Instagram, Messenger and WhatsApp, changed its name last year to reflect Zuckerberg’s new focus and massive financial investment in the burgeoning but confusing metaverse, which he calls the future of social interaction. The stock symbol for the Nasdaq-traded shares had remained FB but news came yesterday that would be changing as well, to META.
In an SEC filing, Meta noted that Sandberg informed the company “of her decision to resign from her position” today.
Olivan has served in various positions with the company since October of 2007, most recently as the chief growth officer and VP, Cross-Meta Products and Infrastructure since January, 2022. Previously, he was VP, Central Products from 2018 to 2022, VP, Growth from 2011 to 2018, and head of International Growth from 2007 to 2011. He served in various roles at Siemens AG before joining Meta.
“At the time of this report, the Company has not entered into any compensation arrangements with Mr. Olivan in connection with the announcement described above,” the filing said.
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Sheryl Sandberg Exiting As COO Of Meta; Joined Facebook As No. 2 Exec In 2008
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