Tag: Dropbox Inc

Sheryl Sandberg says she's leaving Meta's board

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Sheryl Sandberg, chief operating officer of Facebook Inc.

David Paul Morris | Bloomberg | Getty Images

Former Meta operating chief Sheryl Sandberg is leaving the company’s board of directors.

“With a heart filled with gratitude and a mind filled with memories, I let the Meta board know that I will not stand for reelection this May,” Sandberg wrote in a Facebook post on Wednesday.

Sandberg, 54, joined Facebook in 2008 as Mark Zuckerberg’s top deputy after spending about seven years at Google. In 2012, she became a board member at the company. During her tenure, Facebook rose from a highflying startup to become one of the most valuable companies in the world, topping a $1 trillion market cap at its peak in 2021.

Sandberg announced her departure from Meta in mid-2022, following multiple controversies that dogged the company and sullied its reputation among users, lawmakers and investors. Most notably, Facebook was central to the spread of disinformation ahead of the 2016 election and during the early days of the Covid pandemic in 2020. The company has also been in the subject of antitrust investigations and was scrutinized in Sandberg’s waning days for its insufficient efforts to combat hate on its platform.

When Sandberg stepped down as Meta COO in June 2022, she was replaced by Javier Olivan, who had been serving as Meta’s chief growth officer.

Since leaving Meta, Sandberg has dedicated much of her time on her LeanIn.org nonprofit, which focuses on empowering women tin the workplace, and related projects.

“I wanted my new chapter to be able to really make a difference,” Sandberg told CNBC Make It in August. “We’ve been in development on this since I was at Meta, but being able to have the time to put into [this launch] and to really be … a bigger part of this has meant a lot to me.”

Shortly after Sandberg’s post, Zuckerberg responded with a short reply.

“Thank you Sheryl for the extraordinary contributions you have made to our company and community over the years,” Zuckerberg wrote. “Your dedication and guidance have been instrumental in driving our success and I am grateful for your unwavering commitment to me and Meta over the years. I look forward to this next chapter together!”

Meta technology chief Adam Bosworth wrote, “Amazing run Sheryl, thank you so much for everything you did for all of us and also for me personally.”

Meta’s board consists of Zuckerberg, who serves as chairman, as well as former PayPal Executive Vice President Peggy Alford, venture capitalist Marc Andreessen, Dropbox CEO Drew Houston, former McKinsey & Company senior partner Nancy Killefer, former U.S. deputy secretary of the treasury Robert M. Kimmitt, DoorDash CEO Tony Xu and Tracey T. Travis, a former CFO at Estée Lauder.

Here’s the full text of Sandberg’s post:

With a heart filled with gratitude and a mind filled with memories, I let the Meta board know that I will not stand for reelection this May. After I left my role as COO, I remained on the board to help ensure a successful transition. Under Mark’s leadership, Javi Olivan, Justin Osofsky, Nicola Mendelsohn, and their teams have proven beyond a doubt that the Meta business is strong and well-positioned for the future, so this feels like the right time to step away. Going forward, I will serve as an advisor to the company, and I will always be there to help the Meta teams.

Serving as Facebook’s – and then Meta’s – COO for 14 ½ years and a board member for 12 years has been the opportunity of a lifetime. I will always be grateful to Mark for believing in me and for his partnership and friendship; he is that truly once-in-a-generation visionary leader and he is equally amazing as a friend who stays by your side through the good times and the bad. I will always be grateful to my colleagues and teammates at Meta for all the years of working side by side and all they taught me. And I am particularly grateful to my fellow Meta board members for their lasting friendships, the guidance they provided me for so many years, and their stewardship of products that mean so much to people all over the world.

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January 17, 2024
‘Create adversity’: Startup CEO on raising kids with an entrepreneurial mind

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Ever since she was young, Cheryl Sew Hoy always knew she wanted to run her own business.

“When teachers asked what’s your ambition … and a lot of kids wanted to be doctors or lawyers. My ambition was [to be] a businesswoman,” she told CNBC Make It.

That childhood dream is now a reality for the 39-year-old serial entrepreneur, whose ventures include Reclip.It, a consumer software startup that was acquired by Walmart Labs in 2013.

Now, she runs Tiny Health, a health tech startup that sells at-home gut health tests for moms and babies from 0 to 3 years old. The CEO and founder said the test can help detect gut imbalances early on and prevent chronic conditions.

Just last week, the company raised $4.5 million in seed money and said its backers include U.S. cryptocurrency exchange Coinbase, Google‘s X, and Dropbox.

Cheryl Sew Hoy (centre) with her mom and 4-year-old daughter Charlize.

Tiny Health

Sew Hoy, a Malaysian now based in Austin, Texas, attributes her success to her mother who was also a businesswoman running her own marketing business in Malaysia.

“My mom owned her own business and she was the boss. Before work-from-home was popular, she was already working from home and I always had this role model,” she added.

Things have come “full circle” for Sew Hoy, who is now a mom to two kids aged 2 and 4, as she begins imparting lessons she has learned to them.

What tips does she have in raising entrepreneurial kids? CNBC Make It finds out.

Engage in storytelling

It’s hard to teach children what business they can create at a young age, but kids “remember stories” — and that’s the best way to expose them to entrepreneurship, said Sew Hoy.

While she modelled after her mother by simply observing, Sew Hoy said she wanted to be “more intentional” about speaking to her children about running a business.

For example, she explains to her children about her job as a CEO, the “backstory” of why she started Tiny Health.

I teach them why I’m working hard. Yes, it’s to make money but it’s not just to buy food or to spend it.

Cheryl Sew Hoy

CEO and founder, Tiny Health

“Talk to them like adults, even if you think they are too young to understand. The more you talk to them like adults, [you’ll realize] they actually understand a lot and they learn a lot from that.”

By explaining to her children what she does, Sew Hoy said she’s also teaching them the value of money.

“I teach them why I’m working hard. Yes, it’s to make money but it’s not just to buy food or to spend it. While making money, you need to build something of value to people. What problems do you want to solve in the world?”

Create adversities

Entrepreneurship is all about problem-solving and that’s something that children can learn through adversity, said Hoy.

“There’s a difference between great entrepreneurs and good entrepreneurs. The great entrepreneurs are the ones who will bounce back continuously because it’s really freaking hard running a company everyday,” said Sew Hoy.

If children have only “smooth journeys” where problems are always solved for them, they will never learn that value, she added.

If children have only “smooth journeys” where problems are always solved for them, they will never learn about adversity, said Cheryl Sew Hoy, pictured here with her family.

Tiny Health

“It requires a lot of patience. My daughter would whine and be like, ‘Mommy, I can’t do it.’ I’ll encourage her to try again, and maybe help her a little bit,” she said.

“If she succeeds — especially if she succeeds on her own — she learns a lesson that ‘If you had given up before, you wouldn’t have accomplished this.’”

Sew Hoy said she noticed “a spark” going off in her 4-year-old daughter after going through the same scenario with her a few times.

“I know she’s learning because the next time [she tries to do something], she’s telling me, ‘Mommy, I can do it. I’m strong.’”

“So if our life gets too easy, I would create adversity [for my kids].”

Don’t miss: This millennial took a gamble during the pandemic. Now her startup has raised over $225 million

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November 7, 2022

Tag: Dropbox Inc

Sheryl Sandberg says she's leaving Meta's board

‘Create adversity’: Startup CEO on raising kids with an entrepreneurial mind

Engage in storytelling

Create adversities