Fb-owner Meta Platforms’ Sheryl Sandberg to depart after 14 years

June 1 (Reuters) – Meta Platforms Inc (FB.O) Chief Working Officer Sheryl Sandberg, whose shut partnership with Chief Government Officer Mark Zuckerberg powered the expansion of the world’s greatest social community, is leaving the corporate after 14 years, she mentioned in a Fb publish on Wednesday.

The announcement initially despatched the social media agency’s shares down 4%, however the inventory was almost flat in after hours commerce.

“Once I took this job in 2008, I hoped I might be on this position for 5 years. Fourteen years later, it’s time for me to write down the following chapter of my life,” she wrote.

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Chief Development Officer Javier Olivan will take over as chief working officer, Zuckerberg mentioned in a separate Fb publish, though he added that he didn’t plan to exchange Sandberg’s position immediately throughout the firm’s present construction.

“I feel Meta has reached the purpose the place it is smart for our product and enterprise teams to be extra carefully built-in, fairly than having all of the enterprise and operations capabilities organized individually from our merchandise,” he mentioned.

Olivan has labored at Meta for greater than 14 years and has led groups dealing with Fb, Instagram, WhatsApp and Messenger.

Sandberg’s departure marks an finish of an period for Meta, which is shifting focus towards {hardware} merchandise and the “metaverse” after years of scandals over privateness abuses and the unfold of conspiratorial content material on its platforms, in addition to plateauing consumer progress on its flagship app Fb.

The second-in-command to founder Zuckerberg, who was 23 years outdated when he employed her, Sandberg is among the most seen executives on the firm and the lead architect of its often-criticized ads-based enterprise mannequin.

Bringing administration expertise and data of the then-nascent digital adverts trade, she remodeled Fb from a buzzy startup right into a income behemoth, whereas additionally positioning herself because the face of feminism in company America.

On the time, Fb was making $ 272 million in income, for a web lack of $ 56 million, in accordance with regulatory filings. By 2011, a 12 months earlier than the corporate’s preliminary public providing, its income had shot to $ 3.7 billion on $ 1 billion in earnings.

Meta ended 2021 with income of $ 118 billion and earnings of $ 39.4 billion.

Sandberg mentioned in her publish that she’s going to proceed to serve on Meta’s board after leaving the corporate within the fall.

When requested about her subsequent steps, she instructed Reuters she was specializing in philanthropy at a “vital second for girls.”

Sheryl Sandberg, COO of Fb and present chair of the International Web Discussion board to Counter Terrorism (GIFCT), provides a information convention on the sidelines throughout the 2019 United Nations Local weather Motion Summit at UN headquarters in New York Metropolis, New York, US, September 23, 2019. REUTERS / Yana Paskova / Recordsdata

“We have employed so many nice leaders. I really feel actually good about that. The subsequent management crew is in place to take the corporate ahead,” she mentioned, mentioning Chief Enterprise Officer Marne Levine and President of International Affairs Nick Clegg by title.

STAUNCH DEFENDER

Sandberg has been a staunch defender of Fb over the course of its many controversies, persistently arguing that executives had been studying from their errors and honing the corporate’s instruments to higher police towards dangerous content material.

She instructed Reuters final 12 months that she and Zuckerberg had a accountability to repair programs that had failed, whereas rejecting studies that she was shedding energy on the firm.

“Folks love headlines about company drama, and I feel it is truthful to say they notably love headlines about sidelining ladies,” she mentioned within the January 2021 interview.

Sandberg’s tenure coated each Fb’s unique settlement with the US Federal Commerce Fee in 2011 for privateness violations and a subsequent blockbuster $ 5 billion settlement for violations of the sooner deal.

She and Zuckerberg had been amongst those who then-Commissioner Rohit Chopra mentioned ought to have confronted extra investigation for his or her roles within the firm’s habits.

Underneath her management, the corporate was buffeted by revelations in 2018 that UK consultancy Cambridge Analytica had improperly acquired information on hundreds of thousands of its US customers to focus on election promoting.

The identical 12 months, UN human rights investigators mentioned using Fb had performed a key position in spreading hate speech that fueled violence towards the Rohingya group in Myanmar.

She courted further criticism when she instructed Reuters early final 12 months she believed occasions across the Jan. 6 assault on the US Capitol had been largely organized on different platforms, though researchers had recognized comparable exercise on Fb as effectively.

Whistleblower Frances Haugen late final 12 months accused the social media large of repeatedly prioritizing revenue over clamping down on hate speech and misinformation, and mentioned her legal professionals had filed at the very least eight complaints with the US Securities and Change Fee.

Previous to becoming a member of Fb, Sandberg was vp of International On-line Gross sales and Operations at Google and chief of employees for the USA Treasury Division below former President Invoice Clinton.

A Harvard College graduate, Sandberg is the creator of a number of books, together with the 2013 feminist manifesto “Lean In: Girls, Work, and the Will to Lead.”

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Reporting by Katie Paul in Palo Alto; further reporting by Gina Chon and Diane Bartz in Washington, Sheila Dang in Dallas and Akash Sriram in Bengaluru; Modifying by Arun Koyyur, Alistair Bell and Bernard Orr

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