Photo by Muhammad Asyfaul on Unsplash
Sheryl Sandberg Leaves Meta To Focus on Philanthropy
January 18, 2024
In a recent development at Meta, previously known as Facebook, Sheryl Sandberg, the former chief operating officer (COO) and longstanding board member, disclosed her intentions to step away from the board. Sandberg stated that she will not be seeking re-election when her term ends in May.
Sandberg’s decision to part ways with Meta concludes her stellar 14-year tenure as COO and 12-year stint on the board. After stepping down as COO last fall, she continued to lend her expertise to one of the world’s leading tech giants. During her tenure, Sandberg not only saw the company scale to unprecedented heights but also guided it through periods of intense scrutiny and criticism.
Sandberg plans to devote more time to philanthropic endeavors after she departs from Meta’s board. Yet, she will continue in an advisory capacity, ensuring her insights and experience remain accessible to Meta.
The current leadership team at Meta, led by CEO Mark Zuckerberg, has demonstrated the company’s robust business model and promising future prospects, according to Sandberg. For her, this seems to be the right moment to step back and let the new leadership pave the way forward.
Sandberg’s philanthropic efforts through her organization, Lean In, are noteworthy. She emphasizes empowering women to achieve their professional objectives and promotes a conducive corporate culture. Her book, also named “Lean In,” published in 2013, was instrumental in elevating her to stardom.
Before joining Facebook in 2008, Sandberg had an impressive portfolio that included senior roles at Google, the World Bank, and the Treasury Department under President Bill Clinton. She was already a renowned figure in the tech industry at the time.
In collaboration with Zuckerberg, Sandberg played a critical role in bolstering Facebook’s revenue, which skyrocketed from approximately $150 million in 2007 to over $3.7 billion by 2011, a year prior to its initial public offering (IPO). In 2022, the year she resigned as COO, Meta registered a staggering annual revenue of $116.6 billion, reflecting the company’s remarkable growth story. Furthermore, since its 2012 IPO, Meta’s share price has increased by over 860%.
Sandberg was a key figure in addressing several controversies and challenges faced by the company over the years, ranging from allegations of subverting democracy to endangering teen users. She was instrumental in the company’s significant rebranding from Facebook to Meta in 2021, signifying the company’s ambition to construct an immersive digital world, the metaverse.
Recent News
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.
Mercedes-Benz Workers in Alabama Reject Union
In a pivotal moment for autoworkers in the southern United States, employees at a Mercedes-Benz plant in Alabama have voted against joining the United Auto Workers (UAW) union. The outcome, with 56% of workers voting against unionization and 44% in favor, comes as a significant setback for the UAW’s efforts to expand its influence in the region.