We knew it was happening, but Meta has confirmed that its long-standing chief operating officer (COO) Sheryl Sandberg has departed from her role as of yesterday (August 1).
News emerged on June 1 that Sandberg would be stepping down after more than 14 years in position and would be replaced by chief growth officer Javier Olivan, though no specific date was given. But in an SEC filing yesterday, Meta revealed the transition is now complete. Moving forward, Sandberg will remain a Meta employee through September 30, 2022, after which she will continue purely as a board member.
The Sheryl Sandberg era is officially over at Meta. In an Aug. 1 filing with the U.S. Securities and Exchange Commission, the social media giant announced that its chief operating officer had stepped down after 14 years at the company. Sandberg, who announced her departure in June, has been replaced by chief growth officer Javier Olivan. She will continue to serve on Meta's board. Her departure comes as Meta battles a host of challenges: The company reported its first-ever quarterly revenue drop last week and is facing a swarm of lawsuits and regulatory probes.
Meta struggles-
The switch comes at a torrid time for Meta, having just reported its first-ever quarterly revenue decline, while the FTC also confirmed that it was suing Meta to block its acquisition of VR fitness studio Within. On top of that, Meta just can’t seem to shake off the Cambridge Analytica data scandal, an episode that involved a U.K. political consulting firm siphoning Facebook data as a means to predict and influence voters’ behavior through targeted ads. After nearly four years of legal wrangles, a class-action lawsuit moved a step closer last month when it was confirmed that co-founder and CEO Mark Zuckerberg and Sandberg would both be deposed in an upcoming hearing that could see both executives testify for up to 11 hours in total. Court documents also revealed that new COO Olivan will testify for up to three hours.
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