© Reuters.
By Yasin Ebrahim
Investing.com — Meta Platforms said Wednesday that Sheryl Sandberg is stepping down as chief operating officer after 14 years at the social media giant.
Meta Platforms (NASDAQ:) fell more than 2% in recent trading.
Javier Olivan, Chief Growth Officer will replace Sandberg as COO in the fall.
Sandberg will, however, remain on Meta’s board. “Over the next few months, Mark and I will transition my direct reports and I will leave the company this fall,” Sandberg said.
The move comes as the social media giant seeks to wrap up its transformation to Meta. The company rebranded to Meta from Facebook in October as it ventures into the metaverse to diversify its business beyond social media.
Meta Platforms will trade under a new ticker “META” on June 9.
Meta is down about 42% year to date, with the bulk of those losses coming earlier this year.
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