Sheryl Sandberg stepping down as Meta COO, will remain on board

Sheryl Sandberg is stepping down as COO of Facebook parent Meta Platforms Inc. this fall, the executive announced in a June 1 Facebook post.

Sandberg, who has been with Meta for 14 years, will remain on the company's board. Chief Growth Officer Javier Olivan will become the next COO, and Chief Business Officer Marne Levine will report to Olivan, according to a separate post from Chairman and CEO Mark Zuckerberg.

The executive did not provide a direct reason for the departure from her position, but Sandberg hinted that the "debate around social media" has changed the landscape.

"The products we make have a huge impact, so we have the responsibility to build them in a way that protects privacy and keeps people safe," Sandberg said in her post. "Just as I believe wholeheartedly in our mission, our industry, and the overwhelmingly positive power of connecting people, I and the dedicated people of Meta have felt our responsibilities deeply."

The executive, who helped propel the legacy Facebook brand into a tech giant over the past decade, said she will focus more on philanthropic work in the future.

The departure comes as the company and its competitors face increasing scrutiny from Congress and others over alleged harm its platforms have caused society.

Wall Street responded negatively to the news. Shares of Meta slipped intraday by about 4% to $188.64 at the closing bell on June 1.