Written by Emma Song on Saturday, 11 June 2022. Posted in Feature Article
Photo by Michael Wuertenberg, distributed under a CC BY-SA 2.0 license
Sheryl Sandberg of Meta, the company formerly known as Facebook, announced that she will step down from her position as the Chief Operating Officer (COO) in the fall but will remain a member of the company’s board of directors. Sandberg did not offer a reason for her resignation, only mentioning that she felt it was time to move on.
Sandberg became the first female member of Facebook's board in 2012, serving as CEO Mark Zuckerberg's second-in-command and effectively running much of its operations at various times. She also often served as the face of the company and as its liaison to government representatives. Sandberg was an experienced manager and operator before she joined Facebook, and she was brought in to offer the experience to founder Mark Zuckerberg as he prepared the company for its initial public offering. Sandberg also founded LeanIn.org, an organization that promotes the inclusion of women in corporations, and according to Forbes, has an estimated net worth of $1.6 billion.
After leaving, Sandberg intends to spend more time with her foundation and on philanthropic work, as well as continuing to serve on Meta's board. Her resignation also comes as Zuckerberg refocuses the company on augmented and virtual reality, which is shown most notably in the recent name change. "When I took this job in 2008, I hoped I would be in this role for five years," she said in her Facebook post announcing her resignation. "Fourteen years later, it is time for me to write the next chapter of my life."
This has affected Meta, the parent company of Facebook, Instagram, and WhatsApp, and more as, according to the Washington Post, Sandberg “couldn’t have left at a worse time”. Many investors have been wary of the metaverse push, with shares of the company down 44.3% this year. The social media giant implemented a hiring freeze for some departments in May. “She’s leaving right as Facebook transitions to the metaverse — even though revenues aren’t coming for another three to five years,” Ives said. Meta shares fell more than 3% immediately after Sandberg announced her departure before recovering slightly to close down 2.6%.