Meta Chief Business Officer Marne Levine to step down amid 'Year of Efficiency' push

Facebook parent Meta on Monday announced that its Chief Business Officer Marine Levine is stepping down after serving for 13 years, as per the company's press release. This comes amid the social networking giant's slow revenue growth in recent quarters.
Levine who took over the CBO role in 2021 will be stepping down on February 21, 2023, and will remain an employee until she departs in the summer.

Meta's Chief Business Officer Marne Levine to step down

Javier Olivan, the Chief Operating Officer (COO) Meta lauded Levine's 13 years of contribution and commitment towards the company, as per the press release. “From running global policy to growing our Instagram business as the first COO, to leading our ads and business partnerships teams, Marne has been an incredible leader at Meta over the last 13 years. I’m grateful for our partnership, her commitment to Meta, and the energy she brought to the company every day,” Javier said.

The longtime Meta executives Nicola Mendelsohn and Justin Osofsky will be taking on expanded roles as the company's most senior sales and partnership leaders, representing the firm with its advertisers and partners. While Osofsky will be in charge if Sales and operations, Mendelson will handle the company's partnerships with prominent marketers and agencies. Both the senior executives will report to Meta COO Javier Olivan. According to the press release, "This new structure continues to bring our business and product teams closer together and helps them operate even more effectively to serve our clients".

Meta COO further stated that Nicola has a strong, well-earned reputation in the advertisement industry, and Justin has a unique combination of product, operations and business experience that will serve him well in this new role. “They are both proven leaders, and we are fortunate to have them leading this important work and representing the company with our advertisers and partners.”

This comes at a time when Meta, which had earlier dubbed 2023 the 'Year of Efficiency' has pledged to reduce the expenses by $5 billion this year to a range of $89 billion to $95 billion. 

On February 11, Meta announced that it is planning more job cuts as a part of the large-scale layoffs planned for this week. In March, the company will restructure its staff and will conduct performance reviews, according to a new report from the Financial Times. In November 2022, the Facebook parent company had previously shed around 13% of its workforce announcing mass layoffs when it laid off 11,000 employees. The recent layoffs are a part of several months of Meta's planning to shrink its staff, which has been speculating that their roles will be eliminated in order to have a smaller team. In June, last year, Zuckerberg told employees at a company meeting that "here [at Meta] are probably a bunch of people at the company who shouldn’t be here.