Snap stock was down Monday on heavy volume following news that the company’s Chief Strategy Officer is leaving.
Imran Khan is the current Chief Strategy Officer for Snap (NYSE:SNAP). He notified the company on Sept. 6, 2018 of his intentions to leave. The company says that his departure isn’t due to “any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, or practices.”
The exact reason for Imran Khan’s departure from Snap isn’t revealed in the company’s statement. Instead, it only notes that he is leaving to “pursue other opportunities.” However, he will remain on to ensure a smooth transition to the next Chief Strategy Officer.
Snap notes that it currently does not know when Imran Khan’s final day with the company will be. This is likely due to him deciding to stay on board while the company searches for his replacement.
“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,” Imran Khan said in a statement.
According to The Wall Street Journal, Imran Khan is leaving Snap to start up his own investment company. This company would reportedly focus on providing tech startups with funds to grow. This information comes from sources that are close to the Snap Chief Strategy Officer.
SNAP stock was down 2% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.
