by Arbor Financial President Jeff Small looks at critical names for investors to watch in Making Money.
The chief business officer of Meta Platforms will leave the company, the parent company of Facebook and Instagram announced on Monday.
In a press release, Meta said Marne Levine’s tenure as CBO will end next week on February 21. However, she will “remain an employee of Meta during a transitional period that is expected to end in the summer of 2023.” the company said in a filing with the Securivties and Exchange Commission.
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Levine’s tenure at the company spanned 13 years, Meta said. According to her company biography, prior to overseeing Meta’s advertising and business partnerships, her roles included vice president of global partnerships, business and corporate development, and chief operating officer of Instagram.
App icons appear on a smartphone screen with a meta logo in the background. (Photo illustration by Onur Dogman/SOPA Images/LightRocket via Getty Images/Getty Images)
Javier Olivan, Meta’s COO, said in the press release that Levine “has been an incredible leader at Meta during this time” and expressed gratitude for “our partnership, her dedication to Meta and the energy she brings to the company every day “.
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At the same time, the tech giant announced that two people would expand their positions. In their larger roles, Nicola Mendelsohn, head of global business group, and Justin Ososky, head of online sales, operations and partnerships, will “represent the company with our advertisers and partners,” Olivan said in a statement.
Meta Corporate Headquarters in Menlo Park, California on November 9, 2022. (Josh Edelson/AFP via Getty Images/Getty Images)
A smartphone with the Facebook logo is seen in this October 28, 2021 illustration with the new rebranded logo Meta. (Reuters/Dado Ruvic/Illustration/Reuters photos)
In early February, the company reported revenue of approximately $32.17 billion for the fourth quarter, of which $31.25 billion came from advertising. In comparison, Meta’s total revenue for the same quarter in 2021 was $33.67 billion, with advertising revenue totaling approximately $32.64 billion.
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Net income for the last quarter of 2022 was reported as $4.65 billion, according to Meta.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 179.43 | +5.28 | +3.03% |
As of Monday night, shares of the company were up nearly 44% since the beginning of 2023. They are now down over 17% over the past year.
