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Marne Levine, Chief Business Officer (CBO) of Facebook’s parent company Meta Platform, announced her exit on Monday after a 13-year tenure.

“Marne will step down from the CBO role on February 21, 2023, and will remain an employee until she departs in the summer,” as per the blog post.

Levine was named Facebook’s CBO in June 2021, taking over from Chief Revenue Officer David Fischer.

The news comes after the company’s 13% or 11,000-employee downsize after recording a consecutive decline in revenue for two quarters. A new round of layoffs is said to be on the way.

“From running global policy to growing our Instagram business as the first COO to leading our advertising 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 brings to the company every day,” Meta COO Javier Olivan said.

“Justin Osofsky and Nicola Mendelsohn are taking on expanded roles as the most senior sales and partnership leaders, representing the company with our advertisers and partners and reporting to COO Javier Olivan,” the post reads.

“Nicola has a strong, well-earned reputation in the advertising industry, and Justin has a unique combination of product, operations, and business experience that will serve him well in this new role,” Javier added.

“They’re both proven leaders, and we’re fortunate to have them leading this important work and representing the company with our advertisers and partners,” he said.

The transition comes at a time when the company has pledged to cut costs by $5 billion this year, to a range of $89 billion to $95 billion in 2023, dubbed the “Year of Efficiency”.