Sheryl Sandberg officially steps down as Meta COO after a 14-year stint

Meta chief operating officer (COO) Sheryl Sandberg has finally moved on from the position after spending 14 years as the second most-important executive at the social network.

Meta has appointed chief growth officer Javier Olivan as tne new CEO who took charge from August 1, the company revealed in a filing with the Securities and Exchange Commission (SEC) in the US.

Sandberg will remain a Meta employee through September 30, after which she will continue as a board member.

“On August 1, 2022, the Board appointed Olivan as the Company’s Chief Operating Officer, effective as of such date. Sandberg will continue as an employee of the Company through September 30, 2022,” Meta said in the SEC filing late on Monday.

After such date, she “will continue to serve as a member of the Board and will receive compensation as a non-employee director pursuant to the company’s Director Compensation Policy,” Meta added.

In the latest quarterly earnings call late last month, Meta Founder and CEO Mark Zuckerberg thanked her for everything that she has done for Meta, for its community, and for so many small businesses around the world.

“It’s really hard to overstate how big of an impact that Sheryl has had on so many different parts of what we do and on me personally,” said Zuckerberg.

Sandberg replied, saying that it has been an enormous privilege to work for “you to help build this remarkable company”.

Zuckerberg and Sandberg are set to be deposed in a Cambridge Analytica lawsuit probably in September.

According to a court document, Zuckerberg will have to answer questions for up to six hours, while Sandberg could face up to five hours of deposition, along with the new COO Olivan.

The deposition comes as part of a lawsuit filed in a California court on behalf of Facebook users impacted by Meta’s partnership with Cambridge Analytica.

When Sandberg first announced her departure from the company in Mat this year, the Wall Street Journal reported the company was examining whether she had improperly used company resources in planning her upcoming wedding.

Meta lawyers are reportedly looking at Facebook staff’s involvement with Sandberg’s foundation ‘Lean In’, and their work to help her promote her most recent book, “Option B”.

–IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor