Meta’s Sheryl Sandberg Is Stepping Down

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Meta
’s
Sheryl Sandberg is stepping down as chief operating officer of Facebook’s parent company.

“It is time for me to write the next chapter of my life,” Sandberg wrote on a post on Facebook. “I am not entirely sure what the future will bring.”

Sandberg said she would leave

Meta Platforms

(ticker: FB) this fall but will remain on the company’s board of directors.

The executive joined Facebook in 2008. Previously, she worked as vice president of global online sales and operations at Google and as chief of staff for the U.S. Treasury Department.

Meta shares fell 2.6% to $188.64 following the news. In a filing, the company said it expects to appoint executive Javier Olivan as chief operating officer after a transition period. Olivan has served as Meta’s chief growth officer since January.

The management change comes at a challenging time for the internet giant. Meta’s revenue growth has been hurt by rising competition from TikTok and from Apple’s changes to its privacy protocols, which have made it more difficult to personalize digital ads. Investors have also questioned the company’s metaverse investments, which have already totaled more than $20 billion over the past three years, dragging down overall profits.

The company’s shares have tumbled by more than 40% so far this year.

Write to Tae Kim at [email protected]