Sheryl Sandberg, the chief operating officer of Meta Platforms Inc., yesterday, August 1st, officially stepped down after 14 years of becoming one of the most well-known names in business after aiding Facebook in its transformation from a start-up into a multibillion-dollar advertising powerhouse.
In June this year, news emerged that Sandberg would be stepping down from the position and replaced by Javier Olivan, the chief growth officer, but no precise date was provided then. However, Meta confirmed the changeover is now over in an SEC filing from yesterday. Moving forward, Sandberg will continue to work with Meta until September 30, 2022, at which point she will only be a board member.
The change comes at a bad moment for Meta because the company recently reported its first-ever quarterly revenue loss. The FTC has stated that it is suing Meta to stop the company from acquiring the VR fitness facility Within. Additionally, Meta is still reeling from the Cambridge Analytica data scandal, which involves a U.K. political consulting firm using Facebook data to forecast and sway voter behavior through targeted advertisements.
Meanwhile, when it was announced that co-founder and CEO Mark Zuckerberg and Sandberg would both be deposed in an upcoming hearing that may see both leaders speak for up to 11 hours in total, the class-action lawsuit that had been wrangling for almost four years took a step closer last month. Additionally, according to court documents, the new COO Olivan, will testify for up to three hours.
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Sandberg’s stepping down is a part of a larger restructuring at Meta. Chief Financial Officer (CFO) David Wehner will become Chief Strategy Officer (CSO) on November 1. This change may be seen as an attempt to reassure investors that the company is taking steps to the right the old Meta ship. Susan Li, the current vice president of finance, will take over as CFO in other places. Follow TechGenyz for more updates.