Meta Platforms (FB) long-time chief operating officer (COO) Sheryl Sandberg is stepping down
after helping transform Facebook from a social media start-up into a multibillion-dollar tech
company.
Sandberg, age 52, will remain on the board of Meta Platforms, the parent company of
Facebook, Instagram and WhatsApp, according to a written statement.
Javier Olivan, who has led the company’s growth efforts in recent years, will take Sandberg’s
place as COO when she formally leaves the company this fall.
Sandberg joined Facebook in 2008 and was key to turning the company into a social media
giant that generated $120 billion U.S. in revenue last year. Along the way, she became the
highest-profile face of the company next to Chief Executive Officer (CEO) Mark Zuckerberg.
In a media interview, Sandberg called her time at Meta Platforms the “honor and privilege of a
lifetime,” but added that it’s “not the most manageable job anyone has ever had.”
Sandberg is leaving Meta Platforms as the company shifts its focus to products that enable the
virtual reality “Metaverse,” which require a significant change of its business model.
Sandberg said she’s planning to get married this summer and hopes to spend more time with
her kids and stepchildren. She also plans to work on advocacy for women’s issues and other
philanthropic causes.
Shares of Meta Platforms fell 2.6% to $188.64 U.S. following the announcement that Sandberg
is stepping down. The stock has declined 44% so far this year, nearly double the 23% drop in
the Nasdaq Composite Index.
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