Meta's chief operating officer Sheryl Sandberg made the shock announcement Wednesday that she will leave after a 14-year tenure that included helping steer scandal-prone Facebook to advertising dominance.

The announcement initially sent the social media firm's shares down 4 percent, and finished the trading session down 2.5 percent.

The second-in-command to founder Mark Zuckerberg, Sandberg has been one of the most influential women in Silicon Valley.

News of her departure comes as what started as the online social network rebrands itself to pivot toward the virtual vision it sees for the internet in the form of the metaverse.

The Silicon Valley colossus has since seen its image tainted by accusations of doing harm, putting profit over user privacy and even the good of society.

Meanwhile, the likes of TikTok, LinkedIn, Pinterest, Twitter and even Apple now vie with Meta for people's online attention.

Sandberg said that she will continue to serve on Meta's board after leaving the company in the fall.

When asked about her next steps, she told Reuters she was focusing on philanthropy at a "critical moment for women."

Chief growth officer Javier Olivan will become Meta's next chief operating officer, Zuckerberg said in a Facebook post, although he added that he did not plan to replace Sandberg's role directly within the company's existing structure.

(With input from agencies)