The departure of Sheryl Sandberg have left Meta Platforms without an adult in charge of the business
The departure of Sheryl Sandberg leaves Meta Platforms (NASDAQ:META) without an adult in charge of the business. At least this is the view of the market while CEO Mark Zuckerberg has successfully navigated the tech giant to one of the most valuable companies in the world. My investment thesis remains ultra-Bullish on the stock now trading at 52-week lows below $150 with a lot of irrational fears about the business.
Sheryl Sandberg's Departure
The long-standing COO of Meta officially stepped down from her executive role at the company back on August 1. Meta had announced the plans for Sheryl Sandberg to depart back on June 1 with the BoD appointing Javier Olivan as the new COO. Sheryl will officially depart the company on September 30 and remain a member of the BoD.
In addition, the company announced in late June that CFO David Wehner was transitioning to a new role as the CSO (Chief Strategy Officer) with Susan Li becoming the new CFO on November 1. While both Sheryl and Mr. Wehner are still part of the company, the market hasn't heard much from the new COO and CFO, leaving Mark Zuckerberg as the only major executive from the $400 billion company with any market visibility and confidence.
Altimeter Capital's Brad Gerstner reinforced the market sentiment with this comment on a CNBC interview:
I think they've done an absolutely lousy job of explaining this transition to the Street. It's time for the new CFO, for Susan and for Mark to get out in front and explain to investors exactly what's going on.
The last earnings report took place on July 27 and neither of these new executives took part in the call. Of course, neither executive was in their new roles yet, but both executives have been announced as the new leaders since the start of August and the market hasn't heard anything from them or the departing executives leaving a leadership void.
Meta doesn't list any upcoming investor events and surprisingly missed the recent Goldman Sachs 2022 Communacopia + Technology Conference attended by most of the technology heavyweights. As Business Insider highlighted, the Goldman Sachs conference in San Francisco was the largest ever technology conference, with executives from Alphabet (GOOG) to Microsoft (MSFT) to Qualcomm (QCOM) in attendance.
Zuck Still In Charge
While Meta needs to do a better job of getting new and departing executives in front of the media to instill confidence in the business considering the concerning economic climate, the tech giant still has Mark Zuckerberg in charge. The founder has led the company to a $120 billion revenue base, with goals of reaching $150 billion in the next few years.
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Related #tags - # NASDAQ #Meta #Sherylsandberg #Markzuckerberg #stockmarket
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