Bloomberg News

Facebook’s Sandberg to Depart Starbucks Board Amid IPO Plans

December 14, 2011

(Updates with comment from Starbucks in third paragraph.)

Dec. 14 (Bloomberg) -- Facebook Inc. Chief Operating Officer Sheryl Sandberg plans to leave the board of Starbucks Corp. as her company readies for a potential initial public offering next year.

Sandberg, a Starbucks director since 2009, won’t stand for re-election at the 2012 annual shareholder meeting, the Seattle- based company said today in a statement. The 42-year-old executive, who joined Facebook from Google Inc. in 2008, also has been on the board of Walt Disney Co. since 2009.

“Her extensive business strategy and operational execution experience will be missed and Starbucks thanks her for her contributions over the past two years,” Starbucks said in the statement.

Larry Yu, a spokesman for Facebook, declined to comment.

Facebook, the world’s largest social network, is considering raising about $10 billion in an IPO that would give it a valuation of more than $100 billion, a person with knowledge of the matter said last month. Sandberg’s leadership at Facebook has helped the Palo Alto, California-based company expand its advertising program, which should help boost revenue to more than $4 billion this year, according to EMarketer Inc.

As Sandberg leaves the board, Starbucks said it will add Clara Shih as a director. Shih, 29, is chief executive officer of Hearsay Social Inc., a provider of social-media software for businesses.

--Editors: Jillian Ward, Nick Turner

To contact the reporter on this story: Brian Womack in San Francisco at bwomack1@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net.


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