Snap Inc’s chief strategy officer, Imran Khan, has decided to quit after three years with the company.
the U.S. Securities and Exchange Commission reported in a press release that Khan will be continuin his role for an interim period before handing over all the responsibilities. No date has been set as of now for the exit.
“After nearly four years at Snap, I have decided to step down,” Khan conveyed in an email received by CNBC. “This has been a very difficult decision for me to make. There is never a perfect time to say goodbye, but I know that the time is now. We have a stellar leadership team in place to guide Snap through the next phase of growth and on to the next chapter.” were the contents of the e-mail
The reason of the exit was not disclosed by the report by SEC filing.
“Imran has been a great partner building our business,” Evan Spiegel, Snap’s chief executive, said in a statement. “We appreciate all of his hard work and wish him the best.”
Khan joined Snap in 2015, before that he was an investment banker for Credit Suisse. He played a leading role in the IPO of the Chinese e-commerce giant Alibaba.
This news did not go well with the investors as the Snap’s share price fell 1.5 % in U.S. premarket trading.
The company has also received mixed sentiment from Wall Street over disappointing financial results and recent drop in users.
Neil Campling, co-head of global thematic group at Mirabaud Securities says in an email, “I think Mr Khan is likely the sacrificial lamb as a result of the negative user stats since the app redesign earlier this year”
The Snapchat parent’s most recent quarterly results beat estimates, but the company issued lower-than-expected revenue guidance. Daily active users (DAUs) on the platform fell to 188 million from 191 million in the previous quarter.
As expected the company is also facing the made up competition from Facebook and Instagram. Both of these social networks have their own versions of Snapchat’s “story” feature.