Facebook poaches Google exec for new COO

Google global sales chief Sheryl Sandberg will leave the company to become second in command at Facebook.

Sandberg will be the one of the highest ranking executives to leave Mountain View following its high-flying IPO four years ago. The change wasn't taken well on Wall Street -- who pushed the stock to 52-week lows.

In late Wednesday trading, Google shares rebounded off those lows, up $3.14 to $447.74. However, to put it in perspective, the stock has fallen some 40 percent from its record high of $747.24 set on November 7 of last year.

"Sheryl is a great manager who will help scale Facebook's operations globally," CEO Mark Zuckerberg said in a statement. Sandberg's first day at the social networking company would be March 24.

The six-year Google exec played a central part in building the company's vast online advertising empire. At Facebook, she will be tasked with many of the same jobs, including overseeing much of the day to day business of the company.

She brings a good knowledge of politics as well, having been chief of staff at the US Treasury during the Clinton administration. That could prove beneficial in Facebook's dealings with regulators and dealing with Washington on various matters affecting its business.