Meta Platforms Inc FB Chief Operating Officer Sheryl Sandberg said Wednesday she is leaving the Facebook parent after 14 years but her replacement will be a different sort of an executive, according to CEO Mark Zuckerberg.
What Happened: Zuckerberg penned a post on Facebook and said Javier Olivan would be taking over the number two spot at Meta.
“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,” wrote Zuckerberg.
Zuckerberg, who was only 23 years old when Sandberg joined Facebook in 2008, credited her for being the architect of Meta’s advertisement business and for hiring “great people.”
Sandberg will continue to serve on Meta’s board. Zuckerberg said he doesn’t plan to replace Sandberg’s role at the company.
See Also: How To Buy Meta Platforms (FB) Shares
Why It Matters: Olivan is expected to operate in the role of a more traditional COO, according to Zuckerberg. Molly Cutler, Meta’s vice president of strategic response will join Olivan’s team.
“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,” said Zuckerberg.
In April, it was reported that Sandberg faced internal scrutiny for exerting pressure on a U.K. tabloid to shelve a damaging article on her then-boyfriend and Activision Blizzard Inc ATVI CEO Bobby Kotick.
Price Action: On Wednesday, Facebook shares closed 2.6% lower at $188.64 in the regular session and rose 0.3% in the after-hours trading, according to data from Benzinga Pro.
© 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.