- Meta Platforms, Inc (NASDAQ:META) Chief Business Officer Marne Levine disclosed her plans to depart 13 years after donning multiple leadership roles.
- Nicola Mendelsohn and Justin Osofsky are taking on expanded roles as most senior sales and partnership leaders.
- Nicola’s expanded role as Head of Global Business Group will now include overseeing Global Partnerships and Engineering.
- Justin, now Head of Online Sales, Operations, and Partnerships, will expand his remit to include revenue generation, leading sales, and operations focused on growing small and medium-sized businesses on its platforms.
- Marne will step down from the CBO role on February 21, 2023, and will remain an employee until she departs in the summer.
- Levine’s exit comes as the company struggles through one of the most challenging periods in its advertising business.
- Over the past three quarters, Meta has recorded year-over-year declines in revenue.
- Levine’s exit also comes amid a “flattening” push to remove layers of middle management at Meta to “build a stronger technology company and become more profitable,” CEO Mark Zuckerberg said during the company’s quarterly earnings call, the Wall Street Journal reports.
- Former COO Sheryl Sandberg, who left the company in 2022, had hired Levine.
- During her tenure, Meta battled growing competition from upstart Chinese rival TikTok and a decline in advertising demand amid a challenging macroeconomic climate.
- Since April 2021, Meta has contended with the effects of Apple Inc’s (NASDAQ: AAPL) ad-tracking changes.
- Meta is preparing a fresh round of job cuts, Financial Times reported.
- There has been a lack of clarity around budgets and the future headcount at the company. The job cuts will likely take place around March.
- Price Action: META shares traded higher by 0.75% at $180.77 premarket on the last check Tuesday.
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