Meta COO Sheryl Sandberg to step down after 14-year tenure at Facebook

Yahoo Finance's Dan Howley discusses news that Sheryl Sandberg is stepping down from Facebook parent Meta and what it means for the company's leadership.

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SEANA SMITH: We're following breaking news on Meta. Sheryl Sandberg is stepping down as COO. She was with the company for 14 years. And Dan, you're back with us here. And she really helped it transform Facebook, well, Meta now, from a startup to the behemoth that it is in the social media industry today.

DAN HOWLEY: That's right. She was with the company for 14 years, started in 2008. We actually have seen now Mark Zuckerberg came forward with his own statement about her leaving. She-- he says, when Sheryl joined me in 2008, I was only 23 years old and I barely knew anything about running a company. Sheryl architected our ad business, hired great people, forged our management culture, and taught me how to run a company. He also goes on to say that she created job opportunities for millions of people around the world and gave her credit for much of what Meta is today.

And obviously, this is going to be a big loss for Meta. At the time of the announcement prior to the close of markets, shares were down 2.58% on that news. She will be replaced by the chief growth officer at Meta, Javier Olivan. He will take up that post in the coming months. She is going to be on kind of doing a whole transition role. And then she will then continue to stay on the board. She says she's going to go forward with her philanthropic efforts, her own organization, which is the Sheryl Sandberg Family Foundation.

And so we can obviously expect her to have some input on what Meta does going forward. But she's not going to be this big face in the room that she has been. And frankly, she hasn't really been as public as she used to be. For a time, she was really the face of Facebook, what it was named at that point, not so much Mark Zuckerberg. Obviously, that's starting to change.

DAVE BRIGGS: Calls Mark one of the best friends anyone could ever have. She will stay until the fall. So she's going to help that transition, and to your point, stay on the board. Dan, thank you.