Sheryl Sandberg resigns as CEO of Facebook parent meta platforms

In a post on her Facebook profile, Ms. Sandberg said she would continue to work Member of the Meta Group. In a statement, Metta said he had informed the company on Saturday of his intention to resign.

Ms. Sandberg said that if she planned to stay for five years, her late husband would have to work for her and that she would stay for 14 years.

Mark Zuckerberg and Sheryl Sandberg were shown together in 2008, shortly after he was hired as Facebook’s COO.


Photo:

Asa Mathath / D: All Things Digital

“I feel like the next generation of leaders is ready,” Ms Sandberg said in an interview. “It’s a long and great partnership with Mark, I believe in the company, and I’m on the team, but it’s time for me to be more flexible and more able to do more things with my time.

Javier Oliven, currently Chief Development Officer, will take over as the company’s COO after Ms Sandberg’s departure.

During her tenure at the company, Ms Sandberg created the business page, transforming the free access social media startup founded at the Harvard Lodge into one of the largest advertising agencies on the planet. Last year, the company generated nearly $ 115 billion in advertising revenue.

Mrs. Sandberg was a longtime lieutenant

Mark ZuckerbergAnd in that role — and became the author of the lead book — Lean In ” One of the most important women in business.

Facebook co-founder and co-founder of LeanIn.Org addresses criticism that his book was centered on the needs of wealthy white women, and discusses how talented women can be lost in epidemic organizations. Photo: Lino Mirkler AFP via Getty Images.

Ms Sandberg, 52, said she was eager to spend more time in her basement. Women issues. Beyond that, she had no idea what her life would be like after Facebook.

“It will be a chance to take a breath and find it,” he said. “This work and that kind of thought process really can’t go together.”

Ms. Sandberg has been telling people that she feels like she’s burned out and that she’s become a punch bag for the company’s problems, those who are familiar with the matter. Mr. Under Zuckerberg’s guidance, the company is moving towards a future that focuses on the development of virtual worlds.Called Metawares—And it’s not dependent on ads, it’s been Ms. for a long time. Mrs. Some said that Sandberg did not come from many meetings about the company’s metawares projects.

“Sheryl created our advertising business, hired the best people, created our management culture, and taught me how to run a company,” he said. Zuckerberg wrote in a post on Wednesday. “He created opportunities for millions of people around the world, and he deserves the credit for what’s meta today.”

As part of the restructuring, the company’s chief business officer, Marne Levine, Mr. Will report to Olive.

“I do not plan to change Sheryl’s role in our current structure,” he said. Zuckerberg wrote. “I don’t think that’s possible because the COO is a superstar who defines the role appropriately for himself.”

“But even if it were possible, I think meta has reached a point where it makes sense for our product and business teams to be so closely integrated,” Mr. Zuckerberg added.

Ms. Sandberg received a total loss of $ 35.2 million in 2021 and held about 1.5 million shares until last month, according to Meta’s Securities Filing. The stock was valued at about $ 277 million at Wednesday’s closing price. His net worth is estimated at $ 1.6 billion, according to Forbes.

Meta’s share price has halved from its peak last year amid struggles in its core advertising business and a broad sell-off in technology stocks. Shares fell 2.6% on Wednesday, following news of Ms Sandberg’s exit.

Prior to joining Facebook, Ms. Sandberg was Vice President of Global Online Sales and Operations at Google.

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After joining Facebook, Mr. At the age of 23, Zuckerberg became the company’s business strategist and resident, with direct responsibility for advertising sales, legal and policy issues. That organization is Mr. Allowed Zuckerberg to focus on engineering challenges.

As the company grew into a technology company, Ms. Sandberg’s profile rose with it. He wrote two best-selling books, gave opening speeches and was a regular at high-level meetings of influential political figures and business executives in Davos, Switzerland and the Sun Valley, Idaho. A longtime Democrat, he was often cited as a potential candidate for office or cabinet.

Mrs. Sandberg’s husband, Dave Goldberg, Both died in 2015 while on vacation in Mexico. Her grief and how she recovered from it is the title of her second book, Option B.

In recent years, Facebook The series was embroiled in controversy Issues including data privacy and user protection and Ms Sandberg’s role in leading the company have at times led to harsh criticism.

In 2018, Mrs. Sandberg testified before Congress Election intervention involving social media.

That same year, The Wall Street Journal, Mr. Zuckerberg told Ms. Sandberg. He blamed her and her team for the public downfall Research firm Cambridge Analytica Personal data of Facebook users was inappropriately accessed And used for political research.

Javier Olivan, currently with Meta’s Chief Development Officer, Mark Zuckerberg in 2014.


Photo:

Tario Lopez-Mills / Associated Press

Ms Sandberg later told friends she wondered if she should worry about her job.

Last year the journal also wrote a series of investigative stories about the company. Called Facebook Files, Which is based on thousands of internal documents and describes the vulnerability of users with vulnerabilities and other issues with its sites. Mrs. in the company. One of the articles cited internal data to show that Sandberg’s portfolio was measured by the staff who reported to him. Has been shrinking in recent years.

In his post announcing his departure, Mr. Mrs. Sandberg paid tribute to her long-standing partnership with Zuckerberg.

“He sometimes says we grew up together, we grew up together,” he wrote. “In the most important moments of my life, at the highest heights and the depths of real downs, I never had to turn to Mark because he was already there.”

Sheryl Sandberg & Facebook

Additional coverage of the departing COO of a social media company selected by the editors:

Write to Salvador Rodriguez at [email protected]

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