Snap Chief Strategy Officer To Exit Company

(RTTNews) - Shares of Snap Inc. (SNAP) are declining more than one percent in Monday's trading after the Snapchat parent said its chief strategy officer is leaving after three years with the company.

In a regulatory filing, Snap said that Chief Strategy Officer Imran Khan notified the company on September 6 that he is leaving the company to pursue other opportunities.

However, Khan will continue in his role for an interim period to ensure a smooth transition of his duties and responsibilities. His last day at the company has not been determined.

Snap said in the filing that Khan has confirmed the transition and is not related to any disagreement relating to Snap's accounting, strategy, management, operations, policies, or practices - financial or otherwise.

"Imran has been a great partner building our business. We appreciate all of his hard work and wish him the best," said Evan Spiegel, Chief Executive Officer of Snap.

Khan is the latest executive to depart the company. In May, Snap disclosed in a regulatory filing that then Chief Financial Officer Andrew Vollero will depart the company. The company added it has appointed Tim Stone as CFO.

In early August, Snap reported net loss for the second quarter that narrowed from last year on higher-than-expected revenues. However, the company recorded its first-ever drop in daily Snapchat users.

Snap announced in March that it is laying off more than 120 employees from its engineering team, marking the second time this year the company laid off employees.

Billionaire Saudi Prince Alwaleed Bin Talal disclosed in early August that he has bought a 2.3 percent stake in Snapchat. Prince Alwaleed said he made an investment of $250 million in the company on May 25.

This investment from Prince Alwaleed came three years after he met with Spiegel and Khan in 2015, when the two executives had visited Riyadh. The meeting in 2015 had fueled speculation that the prince would invest in the company.