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Sheryl Sandberg is stepping down as chief working officer of Fb’s guardian firm.
“It’s time for me to write down the subsequent chapter of my life,” Sandberg wrote on a put up on Fb. “I’m not totally positive what the long run will carry.”
Sandberg stated she would go away
(ticker: FB) this fall however will stay on the corporate’s board of administrators.
The manager joined Fb in 2008. Beforehand, she labored as vice chairman of world on-line gross sales and operations at Google and as chief of workers for the U.S. Treasury Division.
Meta shares fell 2.6% to $188.64 following the information. In a submitting, the corporate stated it expects to nominate govt Javier Olivan as chief working officer after a transition interval. Olivan has served as Meta’s chief development officer since January.
The administration change comes at a difficult time for the web big. Meta’s income development has been damage by rising competitors from TikTok and from Apple’s modifications to its privateness protocols, which have made it harder to personalize digital advertisements. Traders have additionally questioned the corporate’s metaverse investments, which have already totaled greater than $20 billion over the previous three years, dragging down general earnings.
The corporate’s shares have tumbled by greater than 40% to date this 12 months.
Write to Tae Kim at [email protected]