Facebook parent Meta’s COO Sheryl Sandberg is stepping down from her role in the next months.
Javier Olivan, the company’s chief growth officer, will take over as COO this fall while Sandberg will continue to serve on Meta’s board of directors.
Sandberg joined Facebook in early 2008 and helped turn Facebook into one of the most powerful companies in the tech industry. At one point the company had a market cap over $1 trillion.
“Over the next few months, Mark and I will transition my direct reports,” Sandberg said in a Facebook post. Meta is also planning an internal reorganization to go along with the change, Zuckerberg said.
“Looking forward, I don’t plan to replace Sheryl’s role in our existing structure. I’m not sure that would be possible since she’s a superstar who defined the COO role in her own unique way,” Zuckerberg added.
“But even if it were possible, I think Meta has reached the point where it makes sense for our product and business groups to be more closely integrated, rather than having all the business and operations functions organized separately from our products,” he said.
Sandberg told CNBC’s Julia Boorstin that the decision to step down will allow her to focus more on her philanthropic work.
She noted that the move is not because of the company’s regulatory overhang or its current advertising slowdown.
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