According to the report, Meta’s filing with the U.S. Securities and Exchange Commission (SEC) showed that the company’s chief operating officer Sheryl Sandberg officially resign. Sandberg announced on June 1 this year that after 14 years in office, she would step down as COO but remain on the company’s board. Following his resignation, Meta COO will be replaced by Meta Chief Growth Officer Javier Olivan.
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Sandberg only said at the time that he would leave the job this fall, without giving a specific date. But Meta’s filing with the SEC today shows that the transition is complete, with Sandberg stepping down as COO on Aug. 1. Next, Sandberg will stay on as a regular Meta employee until September 30, after which he will serve only as a Meta director.
For Meta, Sandberg’s departure comes at a difficult time for the company. Meta just posted its first-ever quarterly revenue decline, and the Federal Trade Commission (FTC) is suing Meta to block its acquisition of VR fitness studio Within. On top of that, Meta still seems unable to escape the “Cambridge Analytica scandal” four years ago. Both Meta CEO Mark Zuckerberg and Sandberg will testify in September.
Of course, Sandberg’s departure is also part of Meta’s broader restructuring plan. On November 1, Meta Chief Financial Officer (CFO) David Wehne will transition to Chief Strategy Officer (CSO) while Susan Li, currently VP of Finance, will take over as CFO. Analysts said Meta’s move was aimed at boosting investor confidence.
Sandberg’s departure is also a milestone for Meta. Sandberg played a vital role in Meta’s growth. CEO Zuckerberg said in June that Sandberg’s position was irreplaceable.
