Meta’s Chief Operating Officer (COO) Sheryl Sandberg has finally stepped down after spending 14 years as the social network’s second most important executive.
Meta has appointed Chief Development Officer Javier Olivan as the new CEO, taking over from August 1, the company disclosed in a filing with the Securities and Exchange Commission (SEC) in the US.
Sandberg will remain a META employee until September 30, after which she will continue to be a member of the board.
“On August 1, 2022, the Board appointed Olivan as the Company’s Chief Operating Officer, effective from such date. Sandberg will continue as an employee of the Company until September 30, 2022,” Meta said Monday. said in a late SEC filing.
After such date, she “will continue to serve as a member of the Board and receive compensation as a non-employee director in accordance with the Company’s Directors Compensation Policy,” said Meta.
In the latest quarterly earnings call late last month, Meta founder and CEO Mark Zuckerberg thanked him for everything he’s done for Meta, for his community, and for so many small businesses around the world.
“It’s really hard to say how big of an impact Sherrill has had on so many different parts of us and me personally,” Zuckerberg said.
Sandberg responded, saying it’s been an enormous privilege to work “to help you build this remarkable company.”
Zuckerberg and Sandberg will likely appear in Cambridge Analytica trial in September.
According to a court document, Zuckerberg will have up to six hours to answer questions, while Sandberg could face up to five hours of rhetoric with new COO Olivan.
The statement comes as part of a lawsuit filed in a California court on behalf of Facebook users affected by Meta’s partnership with Cambridge Analytica.
When Sandberg first announced his departure from the company in May of this year, wall street journal reported that the company is investigating whether he had improperly used company resources in planning his upcoming wedding.
Meta lawyers are reportedly looking into the involvement of Facebook employees with Sandberg’s foundation ‘Lean In’ and his work to help promote his most recent book, “Option B.”
Sheryl Sandberg officially stepping down as Meta COO, first appeared on BGR India.
