'From the perspective of shareholders, the hiring of Sheryl Sandberg was the best thing that ever happened to Facebook,' writes Roger McNamee. 'She made shareholders rich. Unfortunately, that wealth came at great cost to our society'
, I take no joy in the news that Sandberg is leaving her post as chief operating officer.
My relationship with Mark Zuckerberg began in 2006, when I helped him stop an effort to sell the company to Yahoo that was supported by his board and management team. For three years thereafter, I advised Zuckerberg on strategic issues, the most important of which was the hiring of key executives who shared the founder’s vision. I suggested Sandberg to Zuckerberg because I thought her experience at Google was the best possible preparation for the #2 job at Facebook.
In the U.S., shareholders are the only constituency about which corporate executives are required to care. For shareholders, Sandberg was a superstar. She made shareholders rich. Unfortunately, that wealth came at great cost to our society. In the absence of rules requiring safety for users and those affected by its products, Facebook greenlit business practices with obvious harms.
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