Levy took the job just a few months ago after more than three decades at Turner Broadcasting, including a tenure as its president. His hire was made official after Joseph Tsai's new majority ownership was approved at the NBA's Board of Governors meeting in September.
Oliver Weisberg, who serves as CEO of J Tsai Sports and NBA Alternate Governor of the Nets, will take over for Levy on an interim basis.
"I want to thank David for his collaboration over the past several months and wish him well in his future endeavors," Weisberg said in a statement. "As we enter an exciting next chapter of our organization, it's important that ownership and management are completely aligned on our go forward plan."
Levy oversaw all business, revenue, strategy, and operations for the Nets and Barclays Center.
The 57-year-old was also president of J Tsai Sports, whose properties include the WNBA’s New York Liberty, the National Lacrosse League team in San Diego, the Premier Lacrosse League, and Major League Soccer’s LAFC.