Sheryl Sandberg, Chief Operating Officer of Meta, has quit the company after serving for nearly 14 years.
After a transition phase this summer, Sandberg will be succeeded by Javier Olivan, the company’s current Chief Growth Officer. This development was announced by Zuckerberg through a Facebook post.
“When I took this job in 2008, I hoped I would be in this role for five years. Fourteen years later, it is time for me to write the next chapter of my life,” wrote Sandberg.
She further added that she is aware that her future will entail a greater emphasis on her foundation and philanthropic activities, which is more important to her than ever, given the essential nature of the current time for women.
She transformed Facebook for good, leveraging her managerial expertise and knowledge of the then-nascent digital advertising business.
When the information was revealed, the stock prices of the company went down by 4% as she held an important position at Meta and had worked closely with the CEO Mark Zuckerberg for more than a decade. However, the good news is that the stock prices soon returned to normal.
Sandberg’s replacement, Javier Olivan, has been with Meta for over 14 years and has overseen teams responsible for Facebook, Instagram, WhatsApp, and Messenger.
Olivan said, “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.”
However, after leaving the company, Sandberg will continue to serve on Meta’s Board of Directors.