Cheryl Sandberg, Meta’s VP of Operations (Facebook) and the company’s No. 2 CEO after Mark Zuckerberg, announced today (Wednesday) a departure after 14 years. Sandberg is also the only senior executive left at the company since the IPO, after Zuckerberg. Facebook Closed down 2.6% following the announcement.
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Sandberg is expected to replace Sandberg this fall as VP of operations is Javier Olivan, currently the company’s chief growth officer. Sandberg will continue to serve on Meta’s board of directors.
Sandberg is considered one of the most powerful women in Silicon Valley. She announced her departure in a long Facebook post in which she reunited with boss Zuckerberg, who recruited her to the company after they met at the party. According to the post, she intends to focus after retirement on philanthropic practice.
“When I got the job in 2008, I thought I would stay in it for five years. 14 years later, it’s time for me to write the next chapter in my life. I’m not quite sure what the future holds for me – I learned that no one is ever sure. But I know it “It will include focusing on my foundation and philanthropic work,” Sandberg wrote in the post.
During her time on Facebook, Sandberg built, developed and expanded the social networking advertising models and the growth the company recorded in revenue from the advertising market can be attributed to the decisions made by Sandberg. Under Sanberg’s leadership, Facebook has grown from 500 employees to about 78,000 employees, and from 100 million users to 3 billion monthly active users by the end of 2021.
Sandberg leaves Meta at a complex time for the company. Since the beginning of the year has lost a stock Facebook 44% and having previously crossed the $ 1 trillion mark, it is currently trading at $ 510 billion. This is the worst performing of the big tech stocks. This drop in the stock is due to investors’ lack of confidence in the vision of the meta-war, the virtual world, led by Zuckerberg. Also, the company is no longer able to continue to grow in the world of social networking, its core area.