Status: 06/02/2022 02:23 am
An era is ending at the Facebook group Meta: top manager Sheryl Sandberg, the architect of the online network’s business model, is leaving after 14 years.
Facebook veteran Sheryl Sandberg is stepping down as CEO of tech giant Meta. “After 14 years I will be leaving Meta,” Sandberg wrote on her Facebook page. The years “at the side of Mark” Zuckerberg, the boss and founder of the company, were a great honor, but she will step down as managing director in the fall. However, she intends to remain on the company’s board of directors.
It was “time to write the next chapter of my life,” wrote the 52-year-old. “I’m not quite sure what the future will bring.”
Zuckerberg: “This is the end of an era”
Sandberg had become known as one of the most important female faces of the global tech elite. She had also made a name for herself as a book author.
“This is the end of an era,” said billionaire Zuckerberg. He recalled joining Sandberg in 2008 when he was 23. At that time he himself understood nothing about corporate management. “She taught me so much and she has been there in many important moments of my life, both personally and professionally,” he wrote on Facebook. “I will miss running this company with Sheryl.”
Zuckerberg’s impressive career
Zuckerberg’s tone in saying goodbye to Sandberg gave Creative Strategies analyst Carolina Milanesi the impression that he thinks he’s outgrown her. “It feels like this relationship is no longer needed or working,” Milanesi told AFP. It’s like Zuckerberg saying, “Mom took care of me, but I’m big now.”
Before Sandberg joined the then still young company, she had already had a career with numerous well-known organizations. Among other things, the McKinsey advisory group, the World Bank, the US Treasury Department and a position as sales vice president at Google are on her resume.
Stocks fall 2 percent
Sandberg’s successor, Javier Olivan, should also take a less prominent position in the company, Zuckerberg explained. He should focus more on the operational business. At the same time, the various businesses should be “more closely integrated”.
Meta shares fell more than 2 percent after Sandberg’s announcement. Sandberg is considered the architect of the ad business, Meta’s main source of income.
Facebook is losing its radiance
However, the company is currently undergoing a major transformation. The Facebook platform is losing its appeal, competitors like Tiktok are stealing users and advertisers. In addition, there are data protection scandals and the accusation that Facebook is doing too little against disinformation and hate, thereby endangering democracy and the health of users.
Last year, the parent company changed its name to Meta, a clear sign of where Zuckerberg sees the future of the Internet: in the so-called Metaverse, virtual worlds in which users work, play and communicate using avatars.
“The debate about social networks has nothing to do with the beginnings anymore,” wrote Sandberg. “To say it wasn’t always easy is an understatement. But it’s normal that it’s difficult. Our products have an immense impact, so we have a responsibility to design them in a way that respects privacy and the… protects the safety of the people.”