Sheryl Sandberg is stepping down from her role as Chief Operating Officer at Meta, the company formerly known as Facebook, CNBC reported on Wednesday.
- Sandberg joined Facebook in early 2008 as the No. 2 to Facebook CEO and co-founder Mark Zuckerberg, and helped turn Facebook into an advertising juggernaut and one of the most powerful companies in the tech industry, with a market cap that topped $1 trillion at one point.
Javier Olivan, the company’s chief growth officer, will take over as COO this fall, according to CNBC. Sandberg, who informed Zuckerberg of her decision this past weekend, will continue to serve on Meta’s board of directors.
“Over the next few months, Mark and I will transition my direct reports,” Sandberg said in a lengthy Facebook post discussing stepping down.
Zuckerberg said that Meta is also planning an internal reorganization to go along with the change.
“Looking forward, I don’t plan to replace Sheryl’s role in our existing structure. I’m not sure that would be possible since she’s a superstar who defined the COO role in her own unique way,” Zuckerberg said in a Facebook post.
“But even if it were possible, I think Meta has reached the point where it makes sense for our product and business groups to be more closely integrated, rather than having all the business and operations functions organized separately from our products,” he added.
Source: Arutz Sheva