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Sheryl Sandberg officially stepped down as Meta COO on August 1, filing shows – TechCrunch

We knew it was happening, but Meta has confirmed that their longtime Chief Operating Officer (COO), Sheryl Sandberg, stepped down as of yesterday (August 1).

On June 1, it was announced that Sandberg would step down after more than 14 years in office and be replaced by Chief Growth Officer Javier Olivan, although no specific date was given. But in an SEC filing yesterday, Meta revealed that the transition is now complete. Going forward, Sandberg will remain a Meta employee through September 30, 2022, after which she will serve only as a board member.

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The move comes at a tumultuous time for Meta, having just reported its first quarterly revenue decline, while the FTC also confirmed it was suing Meta to block its acquisition of VR gym Within. Additionally, Meta just can’t seem to shake off the Cambridge Analytica data scandal, an episode in which a British policy consultancy siphoned Facebook data to predict and influence voter behavior through targeted advertising. After nearly four years of legal wrangling, a class action lawsuit came a step closer last month when it was confirmed that co-founder and CEO Mark Zuckerberg and Sandberg would both be removed at an upcoming hearing, where both executives could testify for up to 11 hours total. Court documents also revealed that new COO Olivan will testify for up to 3 hours.

Sandberg’s departure is part of a broader restructuring at Meta, with chief financial officer (CFO) David Wehner set to assume the role of chief strategy officer (CSO) on Nov. 1, a move some could interpret as giving investors confidence is supposed to take steps to stabilize your old meta ship. Elsewhere, current vice president of finance Susan Li will step into the role of CFO.

Sandberg’s departure marks a milestone in Meta/Facebook history given how instrumental she was in the company’s growth into the big money machine it is today. In a June post, Zuckerberg noted that Olivan would not be a direct replacement for Sandberg in terms of the role he will play, even if the job title remained the same — Olivan will lead Meta’s ads and business products, and oversee the teams , which focus on “infrastructure, integrity, analytics, marketing, business development and growth,” he wrote.

“Looking forward, I have no plans to replace Sheryl’s role in our existing structure,” noted Zuckerberg. “I’m not sure that would be possible as she is a superstar who has defined the role of COO in her own unique way. But even if it were possible, I think Meta has reached the point where it makes sense to integrate our product and business units more tightly, rather than organizing all business and operational functions separately from our products.”

https://techcrunch.com/2022/08/02/sheryl-sandberg-officially-stepped-down-as-meta-coo-on-august-1-filing-shows/ Sheryl Sandberg officially stepped down as Meta COO on August 1, filing shows – TechCrunch

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