Meta Platforms Inc FB shares turned lower Wednesday after the company's COO Sheryl Sandberg announced her resignation.
"Today, I am sharing the news that after 14 years, I will be leaving Meta," Sandberg said in a Facebook post.
Sandberg did not provide a specific reason for her departure from the company, but noted she plans to focus more on philanthropic efforts and spend more time with family.
"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 said.
Sandberg will continue to serve as a member of Meta's board. Meta's chief growth officer Javier Olivan is set to take over as COO following Snadberg's departure, according to a Facebook post from Meta CEO Mark Zuckerberg.
"Javi will become our next Chief Operating Officer since he will now lead our integrated ads and business products in addition to continuing to lead our infrastructure, integrity, analytics, marketing, corporate development and growth teams," Zuckerberg said.
The Meta CEO said Sandberg is almost impossible to replace. Accordingly, Olivan's new role will be a more traditional COO role than Sandberg's. Olivan will be focused internally and operationally in an effort to make the company's execution "more efficient and rigorous."
"I'm sad that the day is coming when I won't get to work as closely with Sheryl. But more than anything, I'm grateful for everything she has done to build Meta," Zuckerberg said.
FB Price Action: Meta shares have traded between $169 and $384.33 over a 52-week period.
The stock was down 2.47% at $188.83 at press time.
Photo: by Michael Wuertenberg via World Economic Forum / Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.