Meta's Chief Business Officer Marne Levine to step down

Meta Platforms (META.O) announced on Monday that the company's Chief Business Officer Marne Levine was leaving this summer after a 13-year stint. Levine, 52, was hired in 2021 as the organization's first chief business officer. She had taken over from outgoing chief revenue officer David Fischer.

Previously, she had a number of other senior roles at the social media giant, including the role of chief operating officer of Instagram.

In light of Levine's impending departure from Facebook's parent company Meta, the firm announced the appointments of two longtime Meta executives. The company has increased Nicola Mendelsohn's responsibilities as president of the global business group and confirmed the appointment of Justin Osofsky as head of online sales, operations, and partnerships.

While Osofsky will be in charge of sales and operations geared at expanding small- and medium-sized enterprises on Meta's platforms. Mendelsohn will manage the company's partnerships with prominent marketers and agencies for all of its apps.

Thiscome at a time when Meta, which has dubbed 2023 the "Year of Efficiency," has pledged to reduce expenses by $5 billion in the coming year to a range of $89 billion to $95 billion.In November, the owner of WhatsApp announced the elimination of more than 11,000 positions, or 13% of its employees. This was followed by the lead of major giants like Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O), both of which have announced thousands of layoffs.

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