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• Sandberg is stepping down after 14 years on Facebook
• She joined Facebook as the second-in-command to the co-founder Zuckerberg
Facebook-parent Meta Platforms Inc’s (NASDAQ: FB) Chief Operating Officer Sheryl Sandberg said she is stepping down, and Javier Olivan, the social media giant’s chief growth officer, will take over as COO this fall.
Sandberg, who informed Meta CEO Mark Zuckerberg of her decision last weekend, will continue to serve the company’s board.
She joined Facebook in early 2008 as the second-in-command to the co-founder Zuckerberg and helped turn the social media company into an advertising behemoth and one of the most influential companies in the tech industry, whose market cap topped $1 trillion at one point.
“Over the next few months, Mark and I will transition my direct reports,” Sandberg said in a lengthy Facebook post discussing stepping down.
Meta is also planning an internal reorganization to go along with the change, Zuckerberg said.
“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 said.
Picture Credit: Variety
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