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Chief operating officer (COO) of Meta (formerly known as Facebook), Sheryl Sandberg will be stepping down and leaving the social media giant after 14 years.
Sandberg joined Facebook in early 2008 and her partnership with chief executive officer (CEO) Mark Zuckerberg has transformed the startup into one of the world's largest social network and advertising tech giant.
"When I took this job in 2008, I hoped I would be in this role for 5 years. 14 later, it is time for me to write the next chapter of my life," Sandberg wrote on her Facebook page.
Javier Olivan, Meta’s chief growth officer, will take over Sandberg's position this fall.
However, Zuckerberg mentioned that Olivan's role be a more traditional one, focusing internally and operationally which is a different job than the one Sandberg held.
Sandberg will continue to serve on Meta’s board of directors.
Zuckerberg also added that Meta will be planning an internal restructuring as well following Sandberg's decision.
According to Forbes, Sandberg’s networth is an estimated US$1.6 billion, making her the second wealthiest woman in tech after Meg Whitman, who was Hewlett Packard Enterprise's CEO with an estimated wealth of US$3.2 billion.
Sandberg is also one of the rare non-CEOs and non-founders to become a billionaire.
Over the past decade, Sandberg has been an aggressive and consistent seller of Facebook stock, having sold over 75% of her after-tax shares through regularly scheduled share sale programs.
According to analytics firm VerityData, she has sold over 22 million shares for more than US$1.7 billion.
Sandberg said after stepping down, she will be focusing on her foundation and philanthropic work.
In addition, she will also prioritise parenting her expanded family of five children after getting married this summer.
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