Snap strategy manager leaves last management position

(Reuters) – Snap Inc (SNAP.N), the parent of the Snapchat mail, said Monday that the director of the strategy, Imran Khan, will leave office, the last high-level exit under the pressure of users as a result of a controversial overhaul of the application.

Shares of the company fell by nearly 2% to $ 9.75 early in the session.

Khan, 41, whose last day was not determined, was named director of strategy in 2015 and played a key role in taking Snap in public last year.

A former Credit Suisse investment banker and one of Snap's highest paid executives, Khan received a stock of approximately $ 145 million at the time of his accession, according to media reports.

In August, Snap announced its first drop in daily users, largely because of the new design, but surpassed quarterly revenue estimates by switching primarily to the sale of ads via self-service.

"I think investors would have accepted a change in strategy and a clearer definition of this change, but the departure of Mr. Khan suggests a more dramatic change of perspective," said Michael Pachter, an analyst at Wedbush Securities.

Snap shares have lost 41.5% of their value since the beginning of the market last March.

"The company has experienced difficulties, both commercially and in terms of users and users, compared to the much more optimistic expectations that were previously very optimistic," said Brian Wieser, analyst at Pivotal Research Group.

While usage and user trends are under the responsibility of Managing Director Evan Spiegel, business is Khan's business, Wieser said.

Khan's exit follows the departure of CFO Andrew Vollero and vice president of monetization engineering Stuart Bowers in May. Bowers joined Tesla Inc (TSLA.O).

Khan's departure was not related to any disagreement with the company and he would continue to serve as the chief strategy office for an interim period, Snap said.