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Snap Inc.'s No. 2 Exec is Leaving the Company
Imran Khan, chief strategy officer and the No. 2 executive at Snap Inc., is leaving the struggling company.
Khan’s departure was announced in Snap’s most recent regulatory filing, citing his desire to “pursue other opportunities” as the reason for him leaving. Khan’s last day has not been set and he plans to stay on as chief strategy officer “for an interim period” in order to help the company with the transition.
“There is never a perfect time to say goodbye, but we have a stellar leadership team in place to guide Snap through the next chapter, and I plan to stay on to ensure a very smooth transition” Khan said in a statement.
The New York Times notes that – along with Chief Executive Evan Spiegel – Khan has been one of the only executives left at Snap since the company’s 2017 IPO.
He is the latest top executive to leave Snap at a turbulent time for the once high-flying social network, which is run by Evan Spiegel. The company’s former head of engineering, Tim Sehn, left in December; its head of product, Tom Conrad, was replaced in March; and Snap brought in a new chief financial officer, Tim Stone, in May.
Khan was instrumental in working with bankers to guide Snap in its IPO filing, as the Times notes. This IPO has, of course, been an unmitigated disaster for the company, with reports that investors had serious concerns about it before it was launched.
However, Khan was also responsible for building Snap’s thriving advertising business, according to the Times.
Among Mr. Khan’s chief responsibilities was to build an advertising business for a platform built on disappearing videos favored by young people. His response: building up a sales staff and helping develop new kinds of ads that fit on Snapchat’s platform, including so-called lenses that let users add computer-generated images onto their photos and videos.
By last year, Snap’s advertising operations generated roughly $829 million in revenue, and it is expected to collect some $1 billion this year.
“Imran has been a great partner building our business,” Spiegel said in a statement. “We appreciate all of his hard work and wish him the best.”
Snap’s stock was trading at $9.20 on Wednesday in New York, well below it’s $17 IPO price.
Photo: Getty iStock