Sheryl Sandberg's exit from Facebook parent Meta will be effective in the fall, she wrote on the platform, adding she planned to remain on the firm's board.
In a shocking announcement, Meta's second most powerful executive Sheryl Sandberg revealed on Wednesday that she would step down as the company's Chief Operating Officer after a 14-year tenure that included helping steer scandal-prone Facebook to advertising dominance.
52-year-old Sandberg has been one of the most influential women in Silicon Valley, and her exit from Facebook's parent company Meta will be effective in the fall. Sandberg, however, confirmed the plan to remain on the firm's board.
Sandberg's decision to step down as Meta COO comes at a time when the social media juggernaut faces an uncertain future and fierce competition. The social network has recently rebranded itself in a pivot toward a belief the internet is headed towards becoming an immersive virtual world, referred to as the metaverse.
"Fourteen years later, it is time for me to write the next chapter of my life," Sandberg said. "I am not entirely sure what the future will bring -- I have learned no one ever is."
CEO Mark Zuckerberg said that Sandberg's role at the company would be re-shaped, with Javier Olivan becoming Meta's chief operating officer. Zuckerberg said that the next COO would be more traditional, different from the close second-in-command status Sandberg holds.
"She has taught me so much, and she has been there for many of the important moments in my life, both personally and professionally," Zuckerberg said in a Facebook post. "I'm going to miss running this company with Sheryl."
Also read: Cambridge Analytica scandal: Meta CEO Mark Zuckerberg sued by Washington, DC AG
Sandberg's education and career
Sandberg's career path to becoming a leading tech industry executive began at the World Bank, where she worked for chief economist Larry Summers as a research assistant before returning to Harvard to earn her MBA.
A Harvard-educated executive, Sandberg worked at the World Bank and at the US Treasury Department in Washington, DC, before moving to Silicon Valley to work for the then three-year-old Google in 2001 as their vice president of global online sales and operations. She remained at Google until 2008, earning a reputation as a leading executive in the technology industry.
Sandberg joined Facebook in 2008 when it was still just a startup, playing a formative role in its development into a multi-billion dollar advertising empire. In 2012, Sandberg became the first female member of Meta's board of directors.
She also became an inspiration and a household name, thanks to her 2013 book "Lean In: Women, Work, and the Will to Lead."
The best-seller was a guiding force for several women to 'lean in' to their careers to reach their full potential and overcome workforce obstacles. She is also the founder of Leanin.org.
In 2021, she ranked 36th on the Forbes Power Women list and 15th on the Forbes America's Self-Made Women list.
Sandberg's early life and family
Born in Washington, DC, Sheryl Sandberg is the eldest of three children of Joel Sandberg, an ophthalmologist, and Adele Sandberg. The Sandberg family moved to North Miami Beach, Florida, when Sheryl was 2-years-old.
As a child, Sandberg had her mother and grandmother as female role models who balanced family with work and education. She was a top student at North Miami Beach Senior High School and graduated with a 4.6 GPA.
She was a member of the National Honor Society and an aerobics instructor before she enrolled at Harvard University to pursue her undergraduate degree.
When Sandberg is not working, she can typically be found spending time with her family. She welcomed a son and a daughter with her second husband, Dave Goldberg, who passed away in 2015.
Goldberg was known as an American management consultant and businessman who founded LAUNCH Media and served as the CEO of SurveyMonkey.
In 2017, she co-authored the book Option B, about the grief over her late husband, with a friend and psychologist, Adam Grant.
Sandberg's net worth
Due to Sandberg's successful career, she has been able to amass an extensive net worth. As of June 2022, the 52-year-old has an estimated net worth of 1.6 billion dollars, according to her Forbes profile.
In 2015, Sandberg reportedly made 715,385 dollars in base salary, a 1,265,193 dollars bonus, 15,465,667 dollars in stock awards and 1,252,724 dollars in "all other compensation". This came to a total pay package of 18.69 million dollars.