Meta COO Sheryl Sandberg Steps Down, Javier Olivan To Take Over

Sheryl Sandberg, Cheif Operating Officer, Meta, announced that she will be stepping down from the company after a 14-year tenure.  

Sandberg said on her Facebook page that she is stepping down as chief operating officer, but would remain on the board of parent company Meta.

Meta shares fell more than two percent on word that Sandberg is leaving, another blow to a stock value that has plummeted after worries emerged the company's regular growth was coming to an end.

In a Facebook post, she wrote," When I took this job in 2008, I hoped I would be in this role for five years. Fourteen years later, it is time for me to write the next chapter of my life. I am not entirely sure what the future will bring – I have learned no one ever is. But I know it will include focusing more on my foundation and philanthropic work, which is more important to me than ever given how critical this moment is for women. And as Tom and I get married this summer, parenting our expanded family of five children. Over the next few months, Mark and I will transition my direct reports and I will leave the company this fall. I still believe as strongly as ever in our mission, and I am honored that I will continue to serve on Meta’s board of directors."

Sheryl Sandberg on Mark Zuckerberg:

Mark is a true visionary and a caring leader. He sometimes says that we grew up together, and we have. He was just 23 and I was already 38 when we met, but together we have been through the massive ups and downs of running this company, as well as his marriage to the magnificent Priscilla, the sorrow of their miscarriages and the joy of their childbirths, the sudden loss of Dave, my engagement to Tom, and so much more.

"She has taught me so much and she has been there for many of the important moments in my life, both personally and professionally," CEO Mark Zuckerberg said in a Facebook post.

Zuckerberg said that Sandberg's role won't be replaced as it was at the company, but that Javier Olivan will become Meta's next chief operating officer.

But the next COO will be more traditional, different from the close second-in-command status Sandberg holds, Zuckerberg said.

Javier Olivan is set to take over as COO of Meta. Currently serving as the chief growth officer, Olivan has been credited to be the key force behind the company's international explosive expansion. According to reports, he is also the one who pushed Facebook to acquire the instant messaging app WhatsApp for a USD 19 billion acquisition deal. He has also worked with Mark Zuckerberg, chief executive officer of Meta platforms, on Internet.org -- a project aimed at connecting people with the internet in less developed countries.

Before Facebook, Olivan was part of Japan's NTT and Siemens