Snap Inc. (NYSE: SNAP) shares took a small step back on Monday after the company announced that there would be a change to its executive leadership team. The company’s chief strategy officer, Imran Khan, is leaving the company after three years at Snap.
Khan is departing to pursue other opportunities. However, he will continue to serve as chief strategy officer for an interim period to assist with an effective transition of his duties and responsibilities. Khan’s last day has yet to be determined.
According to the SEC filing, Khan’s departure is not in regards to any disagreements over Snap’s accounting, strategy, management or policies.
Khan, in an email to staff obtained by CNBC, detailed:
After nearly four years at Snap, I have decided to step down. This has been a very difficult decision for me to make. There is never a perfect time to say goodbye, but I know that the time is now. We have a stellar leadership team in place to guide Snap through the next phase of growth and on to the next chapter.
Excluding Monday’s move, Snap has underperformed the broad markets, with the stock down about 34% in the past 52 weeks. In just 2018 alone, the stock is down 32%.
Shares of Snap were last seen down about 1% at $9.81, with a consensus analyst price target of $11.80 and a 52-week trading range of $9.62 to $21.22.