TIMES.KY

Cayman Islands, Caribbeanand International News
Tuesday, May 28, 2024

0:00
0:00

Facebook-owner Meta Platforms' Sheryl Sandberg to leave after 14 years

Meta Platforms Chief Operating Officer Sheryl Sandberg, whose close partnership with Chief Executive Officer Mark Zuckerberg powered the growth of the world's biggest social network, is leaving the company after 14 years, she said in a Facebook post on Wednesday.

The announcement initially sent the social media firm's shares down 4%, but the stock was nearly flat in after hours trade.

"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," she wrote.

Chief Growth Officer Javier Olivan will take over as chief operating officer, Zuckerberg said in a separate Facebook post, although he added that he did not plan to replace Sandberg's role directly within the company's existing structure.

"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.

Olivan has worked at Meta for more than 14 years and has led teams handling Facebook, Instagram, WhatsApp and Messenger.

Sandberg's departure marks an end of an era for Meta, which is shifting focus toward hardware products and the "metaverse" after years of scandals over privacy abuses and the spread of conspiratorial content on its platforms, as well as plateauing user growth on its flagship app Facebook.

The second-in-command to founder Zuckerberg, who was 23 years old when he hired her, Sandberg is one of the most visible executives at the company and the lead architect of its often-criticized ads-based business model.

Bringing management experience and knowledge of the then-nascent digital ads industry, she transformed Facebook from a buzzy startup into a revenue behemoth, while also positioning herself as the face of feminism in corporate America.

At the time, Facebook was making $272 million in revenue, for a net loss of $56 million, according to regulatory filings. By 2011, a year before the company's initial public offering, its revenue had shot to $3.7 billion on $1 billion in profits.

Meta ended 2021 with revenue of $118 billion and earnings of $39.4 billion.

Sandberg said in her post that she will continue to serve on Meta's board after leaving the company in the fall.

When asked about her next steps, she told Reuters she was focusing on philanthropy at a "critical moment for women."
Sheryl Sandberg, COO of Facebook and current chair of the Global Internet Forum to Counter Terrorism (GIFCT), gives a news conference on the sidelines during the 2019 United Nations Climate Action Summit at U.N.

"We've hired so many great leaders. I feel really good about that. The next leadership team is in place to take the company forward," she said, mentioning Chief Business Officer Marne Levine and President of Global Affairs Nick Clegg by name.


STAUNCH DEFENDER


Sandberg has been a staunch defender of Facebook over the course of its many controversies, consistently arguing that executives were learning from their mistakes and honing the company's tools to better police against harmful content.

She told Reuters last year that she and Zuckerberg had a responsibility to fix systems that had failed, while rejecting reports that she was losing power at the company.

"People love headlines about corporate drama, and I think it's fair to say they particularly love headlines about sidelining women," she said in the January 2021 interview.

Sandberg's tenure covered both Facebook's original settlement with the U.S. Federal Trade Commission in 2011 for privacy violations and a subsequent blockbuster $5 billion settlement for violations of the earlier deal.

She and Zuckerberg were among those that then-Commissioner Rohit Chopra said should have faced more investigation for their roles in the company's behavior.

Under her leadership, the company was buffeted by revelations in 2018 that U.K. consultancy Cambridge Analytica had improperly acquired data on millions of its U.S. users to target election advertising.

The same year, U.N. human rights investigators said the use of Facebook had played a key role in spreading hate speech that fueled violence against the Rohingya community in Myanmar.

She courted additional criticism when she told Reuters early last year she believed events around the Jan. 6 attack on the U.S. Capitol were largely organized on other platforms, although researchers had identified similar activity on Facebook as well.

Whistleblower Frances Haugen late last year accused the social media giant of repeatedly prioritizing profit over clamping down on hate speech and misinformation, and said her lawyers had filed at least eight complaints with the U.S. Securities and Exchange Commission.

Prior to joining Facebook, Sandberg was vice president of Global Online Sales and Operations at Google and chief of staff for the United States Treasury Department under former President Bill Clinton.

A Harvard University graduate, Sandberg is the author of several books, including the 2013 feminist manifesto "Lean In: Women, Work, and the Will to Lead."

Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×