Snap Chief Strategy Officer Imran Khan Leaving Company
Snap strategy chief Imran Khan plans to step down from his post at the company behind messaging app Snapchat. The departure was disclosed in a regulatory filing Monday morning that said Khan will pursue other opportunities. Bloomberg reports that he plans to start a technology investment firm.
Khan, who joined Snap in 2014, was instrumental in taking the company public in 2017. He has also helped CEO Evan Spiegel run the company, overseeing its business operations including advertising and sales.
The Snapchat app, popular with young users because they can send messages that disappear, in recent years has struggled to broaden its user base. A redesign introduced earlier this year faced pushback from many core users. In August, the company reported that it had lost 3 million subscribers during the second quarter of the year, bringing its total base to 188 million daily active users. Snap's stock, which went public at $17 per share, has been trading under $10 for the last several days. Shares were down more than 1 percent to under $9.80 Monday morning on the news of Khan's departure.
In a memo to staff obtained by The Hollywood Reporter, Khan wrote that the decision to step down was "a very difficult" one to make. "There is never a perfect time to say goodbye, but I know that the time is now," he continued, adding that he is "really proud of what we achieved as a team." Some of those achievements, per Khan's memo, include growing revenue to $1 billion on an annualized run rate and expanding operations to 3,000 people in 13 countries.
Khan will stay at Snap until the company can hire his replacement. He wrote that Snap will hire a chief business officer, not a chief strategy officer, to fill his role. "We won't miss a beat during this period," he wrote of the transition, "and you will be left in better hands than my own."
Spiegel said of Khan, "Imran has been a great partner building our business. We appreciate all of his hard work and wish him the best."
This article was originally published by The Hollywood Reporter.