Snap Inc. announced on April 21 that Chief Financial Officer Derek will leave the company in early May after nearly eight years of service. His last earnings call is scheduled for May 6, and his final day at Snap will be May 8, according to a note sent by Chief Executive Officer Evan Spiegel to team members.
The transition marks a significant change in Snap’s leadership during a period of ongoing evolution for the company. The announcement comes as Snap continues to adapt its organizational structure and strategy following several challenging periods.
In his message, Spiegel said, “Derek has been a great partner to me and to our business and has helped us navigate some of the most challenging periods in our history, including the pandemic, ad platform transition, and several macroeconomic shocks. He has always done so with a keen eye to Snap’s long term prosperity and a commitment to doing what is best for our business.” Spiegel also confirmed that Doug Hott will take over as CFO upon Derek’s departure. “Doug has always had a strong commitment to cost control and has been a longstanding advocate for doing more with less, while upholding our commitment to creating long term value for our community and shareholders,” Spiegel said.
The company also outlined changes in its organizational structure as part of this transition. Patrick and the workplace experience team will move under Scott Withycombe; Jim and the content team will shift into Ceci’s product organization; Anne and Craig from partnerships will report directly to Zach. Spiegel said he believes these changes “will create a more streamlined organization that is directly aligned to support our team, community, and partners.”
These leadership changes come at an important time for Snap Inc., as it seeks greater efficiency while continuing its focus on long-term growth.
