Meta Platforms business chief Marne Levine to depart

Meta Platforms META-Q said on Monday Chief Business Officer Marne Levine was leaving the owner of Facebook after a 13-year stint.

Fifty-two-year-old Levine, appointed as the company’s first chief business officer in 2021, has served in various other executive positions at the social media company, including chief operating officer of Instagram.

The company said it expanded Nicola Mendelsohn’s role as head of global business group and named Justin Osofsky as head of online sales, operations and partnerships, in the wake of Levine’s imminent departure.

Mendelsohn will handle the company’s relationships with top marketers and agencies for all of its apps, while Osofsky will be leading sales and operations focused on growing small- and medium-sized businesses on Meta’s platforms.

The changes come at a time when Meta has promised to cut costs by $5 billion in the year to a range of $89 billion to $95 billion, calling 2023 the “Year of Efficiency”.