Meta COO Sheryl Sandberg is stepping down |
| Credit: Philanthropy Women |
BACKGROUND
• Sandberg joined Facebook in early 2008 as the company's second-in-command to Mark Zuckerberg, the company's CEO and co-founder
• She is leaving behind a complex 14-year legacy at the social media titan, a position that made her a billionaire and one of the world's most prominent women
• She was regarded as so important to Facebook's trust with users and investors that she was designated as one of two key executives in the company's IPO filing in 2012
SANDBERG'S FALL
• Sandberg's popularity has dropped in recent years, as unflattering stories surfaced about her handling of the Russian disinformation issue after the 2016 presidential election
• According to a Wall Street Journal report from 2018, Zuckerberg blamed Sandberg for the consequences from the Cambridge Analytica affair
• Sandberg, who is known for encouraging women in technology, came under fire last year after former employee Frances Haugen leaked confidential data
• Demonstrating that the firm was aware that its products were harming the mental health of adolescent females yet refused to make changes
• Analysts feel the corporation needs to find a new path forward, and Sandberg's departure may have come at the right time
ZUCKERBERG'S TAKE
• On Wednesday, Zuckerberg lauded Sandberg, calling it the "end of an era"
• While Meta's chief growth officer, Javier Olivan, will take over as chief operating officer later this year
• In a Facebook post, Zuckerberg stated that he has no plans to take Sheryl Sandberg's job. "I'm not sure it's realistic, given that she's a superstar who defined the role of COO in her own special way"
• Sandberg stated that she will remain on the board of directors
• Sandberg also told CNBC that she intends to focus on philanthropy, particularly assisting women, and that she is "extremely confident about the company's future"
• However, investors have been fleeing the company, which has lost half of its value since peaking in September
• After Sandberg announced her leaving, the stock fell another 2.6 percent in extended trade
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