Sheryl Sandberg, the director and ex-COO of Meta Platforms Inc. META, has announced her exit from the company’s board, thus concluding her final official position at the tech giant.
What Happened: Sandberg will not run for re-election to the board in May. On Wednesday, she wrote a parting note on Facebook, revealing her future advisory role at the company.
“With a heart filled with gratitude and a mind filled with memories, I let the Meta board know that I will not stand for reelection this May,” she stated, adding, “Going forward, I will serve as an adviser to the company, and I will always be there to help the Meta teams.”
Meta CEO Mark Zuckerberg responded to her post by saying, “Thank you Sheryl for the extraordinary contributions you have made to our company and community over the years. Your dedication and guidance have been instrumental in driving our success and I am grateful for your unwavering commitment to me and Meta over the years. I look forward to this next chapter together!”
Sandberg, who joined Facebook in 2008, significantly contributed to transforming the nascent company into a dominant force in digital advertising. Her efforts led to an impressive $117 billion in revenue in 2022, primarily from targeted ads, reported Bloomberg.
Despite facing severe criticism over privacy oversights and content moderation concerns, Sandberg remained a prominent figure, particularly among policymakers and regulators. However, she slowly retreated from the public eye.
While it is unclear whether Meta will appoint a new director to fill Sandberg’s seat, the company indicated its ongoing efforts to expand the board.
Why It Matters: Sandberg’s departure from the board follows her decision to step down as COO of Meta in June 2022. She was succeeded by long-term associate Javier Olivan, who previously played a significant role in expanding Facebook’s international presence.
Interestingly, it was reported that despite her departure, Meta continued to fund Sandberg’s security until June 2023, citing ongoing safety threats. This decision seemingly contradicts earlier concerns about the possible misuse of corporate resources.
Photo Courtesy: Markus Wissmann On Shutterstock.com
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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.