Snap shares closed higher in the US Friday, ahead of news its Chief strategy Officer Imran Khan, is set to step down from the social media platform. No date has been given for Khan’s departure and he confirmed his decision isn’t related to any disagreement with the US tech business
Snap shares ended the US Friday session 1.33% higher at $9.93. The stock is currently over 1% lower in out-of-hours activity.
Khan leaving Snap
The news of Khan’s departure from Snap, was unveiled in an SEC company filing, published Monday. In the filing, Snap said that Khan had given notice of his plan to leave the business, on September 6th. There is currently no set date for his employment with the business to end.
“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, in the filing.
“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 the filing.
Details in the filing confirmed that Khan’s plans to leave Snap weren’t related to any disagreement with Snap’s policies or practices.
The news that Khan will step down from his role at Snap comes just days after Snap welcomed a new VP of US Global business solutions, Kristen O’Hara.
O’Hara joined Snap on September 4th, from her role as Chief Marketing Officer at TimeWarner Media.
O’Hara is working in Snap’s New York Office, and will have three senior managers reporting to her:
- Brett Wein, who is head of East Coast business solutions.
- West Coast business solutions lead, Luke Kallis.
- Sharon Silverstein who is head of central US business solutions.