Evan Spiegel of Snap continues to lose senior leaders

Snap again lost another senior this week when CFO Tim Stone announced his departure.

That was a startling announcement – the Snap action dropped nearly 14% on news – but what was perhaps more disturbing was the way Stone left: just eight months after taking office , he has in conflict with CEO Evan Spiegel and would have gone around his boss to ask for an increase. This does not mean that stability is at the rendezvous for Snap.

But if Stone is perhaps the last departure of Snap's management team, he is far from being the first. According to our figures, 10 Snapchat executives who reported directly to Spiegel have left the company since mid-2017.

That does not include a number of executives who have left the group, such as Jeff Lucas, Sales Manager, Stuart Bowers, Monetization Manager, and Jason Halbert, Snap Human Resources Manager.

To say the obvious: this is not good. It's hard to execute plans, work with partners, and quell Wall Street concerns when leaders are struggling constantly.

In addition, it is almost impossible to observe this turnover in such a short time, especially for a young company that has just come out of an IPO. BTIG badyst Rich Greenfield wrote on Thursday that the turnover was "just shocking". The only other companies that report a similar turnover are Twitter and Uber, although many Uber departures were caused by a scandal.

People leave their jobs for many reasons, especially after acquiring their stock options and after carrying out the misery that accompanies an IPO. But there is one thing in common here that can not be ignored: all these people have been reported to Spiegel, and Spiegel can be really hard to work with.

Spiegel is considered a product genius. He is incredibly intelligent and can be very charming. People like to joke that his other title should be product manager at Facebook given the frequency with which the social giant copies his ideas. But Spiegel is also incredibly insightful and stubborn. It requires loyalty and subscribes to the idea of ​​hiring slowly and quickly. Not everyone is made to work in this environment.

On the bright side, if you're a Snap investor, we've seen a similar scenario that has not ended in a total disaster. In 2016, just after the return to Twitter of its CEO, Jack Dorsey, the company lost the bulk of its management team. Twitter has been torn every week in the press. In two years, the Twitter stock has almost doubled and has increased by more than 91%.

Most of the names listed above have been replaced. Jeremi Gorman of Amazon has replaced Imran Khan as head of Snap's business. Jared Grusd, the former CEO of HuffPost, now manages content and partnerships. Julie Henderson of 21st Century Fox will take over the communications.

If Snap is to reverse the situation, he will have to do it with a team of new faces.