The chief business officer at Meta Platforms will exit the company, the corporate parent of Facebook and Instagram said Monday.
In a news release, Meta said Marne Levine’s tenure as CBO will come to an end next week on Feb. 21. She will, however, "remain an employee of Meta during a transition period expected to conclude in the summer of 2023," the company said in a Securivties and Exchange Commission filing.
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Levine’s time at the company spanned 13 years, Meta said. Prior to overseeing Meta’s advertising and business partnerships, her roles at the company included working as vice president of global partnerships, business and corporate development and as Instagram’s chief operating officer, according to her company biography.
Meta COO Javier Olivan said in the news release Levine "has been an incredible leader at Meta" over that time period, expressing gratitude for "our partnership, her commitment to Meta, and the energy she brought to the company every day."
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At the same time, the tech giant announced two individuals would see their positions expanded. In their larger roles, Head of Global Business Group Nicola Mendelsohn and Head of Online Sales, Operations and Partnerships Justin Ososky will be "representing the company with our advertisers and partners," Olivan said in a statement.
At the beginning of February, the company reported about $32.17 billion in fourth-quarter revenue, $31.25 billion of which came from advertising. Comparatively, Meta’s total revenue for the same quarter in 2021 was $33.67 billion, with its revenue from advertising coming in at roughly $32.64 billion.
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Net income for the final quarter of 2022 was reported as $4.65 billion, according to Meta.
As of Monday evening, shares of the company were up almost 44% from the beginning of 2023. Meanwhile, they have fallen over 17% in the past year.
