Fb-owner Meta Platforms’ Sheryl Sandberg to go away 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 practically flat in after hours commerce.

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

Register now for FREE limitless entry to Reuters.com

Chief Progress 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 function instantly throughout the firm’s current 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, relatively than having all of the enterprise and operations features 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 development on its flagship app Fb.

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

Bringing administration expertise and information of the then-nascent digital adverts business, she reworked 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 yr earlier than the corporate’s preliminary public providing, its income had shot to $ 3.7 billion on $ 1 billion in income.

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

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

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

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

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

STAUNCH DEFENDER

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

She informed Reuters final yr that she and Zuckerberg had a accountability to repair methods that had failed, whereas rejecting stories that she was dropping energy on the firm.

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

Sandberg’s tenure lined each Fb’s authentic 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 have been amongst people who then-Commissioner Rohit Chopra mentioned ought to have confronted extra investigation for his or her roles within the firm’s habits.

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

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

She courted extra criticism when she informed Reuters early final yr she believed occasions across the Jan. 6 assault on the US Capitol have been largely organized on different platforms, though researchers had recognized related exercise on Fb as nicely.

Whistleblower Frances Haugen late final yr accused the social media big of repeatedly prioritizing revenue over clamping down on hate speech and misinformation, and mentioned her attorneys had filed no less than eight complaints with the US Securities and Alternate Fee.

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

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

Register now for FREE limitless entry to Reuters.com

Reporting by Katie Paul in Palo Alto; extra 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

Our Requirements: The Thomson Reuters Belief Rules.

Supply hyperlink

admin

Leave a Reply

Your email address will not be published. Required fields are marked *

en_USEnglish