Meta Platforms, the owners of Facebook, has cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told employees recently, as he warned them to brace for a deep economic downturn.

Meta Platforms veteran Javier Olivan is taking over as the company's chief operating officer after playing a crucial but largely behind-the-scenes role in stoking the social media company's explosive growth for 15 years.

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