Away from Metavers, Sheryl Sandberg resigned as Meta’s COO after 14 years

Away from Metavers, Sheryl Sandberg resigned as Meta’s COO after 14 years

Sheryl Sandberg resigns as COO of META – Image: Revelation / World Economic Forum

After 14 years as Mark Zuckerberg’s right-hand man on Facebook, now Meta, Sheryl Sandberg is stepping down as CEO at a time when the company is focusing its efforts and investment on transitioning to Metavers.

In a post posted on his Facebook profile late Wednesday, June 1, Sandberg said he would step down from his role in the “fall” in the Northern Hemisphere starting at the end of September, but he would be on board. Director of Meta.

Javier Olivan, another executive who has been with the company for many years, will take over and is currently the director of Meta Growth.

While with the company, Sandberg helped make Facebook one of the world’s leading technology giants, with मो 118 billion in revenue in 2021 and $ 118 billion in 2021 through the free social network Harvard Dorm. 535.7 billion.

The exit comes at a time when Metavers is the company’s priority for years to come. In October last year, when he announced the new directives, which also resulted in a renaming of the company, Zuckerberg said that Metavers would “affect every product we manufacture”.

Despite being considered the company’s top official and Zuckerberg’s confidant, Sandberg shunned the project. F.Heard from the newspaper The Wall Street Journal She claims to have been absent from several meetings regarding the company’s plans for the new space.

In a Facebook post in which he thanked Sandberg for his work, Zuckerberg said it was “the end of the age” and that the role of the new COO would be different from Sandberg’s. According to him, Olivan will be a “more traditional” executive, focusing on operations and internal issues.

“I have no plans to change Sheryl’s role in our current structure and I don’t think that will be possible,” he wrote. “But even if it’s possible, I believe Meta has reached a point where it makes more sense to integrate our products and business areas more.”

Metavers represents Meta’s main pledge to create an alternative to social networks, a market in which young people are facing stiff competition from the adopted TikTok.

The slowdown in the growth of Facebook’s daily active users is a reflection of this situation. In the first quarter of this year, it grew by 4.3% compared to the same period in 2021. In the first quarter of 2021, it also grew by 7.7% on an annualized basis.

It became clear late last year that Facebook’s popularity was declining. In the fourth quarter, for the first time in history, the platform reported a loss of users during the quarter. At that time, the base of active daily users had declined slightly, from 1.93 billion to 1.29 billion.

The market lost US 237.2 billion in market value on the second day after Metal’s balance sheet was released due to the downturn and rising interest rates in the United States. American market.

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In addition to prioritizing metavers, Sandberg’s departure came after a number of issues the company faced with data privacy and content moderation issues, which also went to the executive’s side.

Over the years, she has shared with Zuckerberg the role of company spokesperson in controversial parts. In 2018, he testified before the US Congress amid allegations that Russia used the platform to manipulate the presidential election.

That same year, the Cambridge Analytica case took place when an election consultant, without permission, entered the personal data of millions of social network users, randomly manipulating the information of Facebook users in the United States for election purposes.

In the post in which he announced his departure, Sandberg did not elaborate on the reasons for his decision. The executive said she wants to dedicate more time to her foundation, which has two initiatives: promoting women’s empowerment in the job market and promoting resilience to traumatized people and communities.

But, according to sources heard by the newspaper The Wall Street JournalShe admits she’s tired and has become a “punching bag” for the company’s problems.

At 2:31 p.m., meta shares on Nasdaq rose 4.87% to $ 197.79. During the year, they accumulate a decline of 41.6%.

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