Meta Loses Veteran Leader As It Battles Growing Competition From TikTok And Apple Privacy Changes

Meta Platforms, Inc 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 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.