Meta has confirmed that its long-standing chief operating officer has left the company.
On June 1st, it was announced that the chief growth officer would be replacing Sandberg after more than 14 years in the position. The transition is complete according to Meta. After September 30, 2022, she will be solely a board member.
Meta just reported its first ever quarterly revenue decline and the FTC confirmed that it was suing Meta to block its acquisition of Within. The Cambridge Analytica data scandal, which involved a U.K. political consulting firm swindling Facebook data as a means to predict and influence voters' behavior through targeted ads, can't seem to shake off Meta. After nearly four years of legal wrangles, a class-action lawsuit moved a step closer last month when it was confirmed that the two executives would be deposed, in an upcoming hearing that could see both executives testify for up to 11 hours. According to court documents, the COO will testify for up to three hours.
The CFO, David Wehner, is scheduled to take over the role of chief strategy officer on November 1 in order to give investors confidence that the company is making moves. Susan Li will become the CFO.
It is a milestone moment in the Meta / Facebook story, given how important she was in the company's evolution into a major money making machine. Even if the job title stays the same, Olivan won't be a direct replacement for Sandberg in terms of the role he will play.
"I don't plan to replace her role in our structure in the future." She defined the COO role in her own unique way, so I am not sure she would be able to do that. Even if it were possible, I think it makes sense for our product and business groups to be more closely integrated, rather than having all the business and operations functions organized separately from our products.
All Rights Reserved © 2024
