Technology and camera company Snap Inc. has just lost its latest exec, human resources head Jason Halbert. He has departed after almost four years of overseeing a number of management efforts.
His resignation comes a few months after other senior-level executives also left Snap. In September 2018, Imran Khan relinquished the role of Chief Strategy Officer. This was followed by Elizabeth Herbst-Brady"s departure as Head of Global Strategic Partnerships earlier this month, as noted by Business Insider.
Those executives have left the company at an inopportune time, as it grapples with financial losses preceded by massive layoffs the year prior. In September 2018, Snap"s share price plummeted to an all-time low of $8.43 in light of Facebook"s growing dominance. It also lost $40 million in late 2017 due to poor sales of its Spectacles smart glasses.
Earlier last year, Snap reportedly cut 10% of its engineering team, which accounted for nearly 100 engineers. This followed three rounds of layoffs a few months prior to that. On the regulatory front, the U.S. Justice Department, as well as the Securities and Exchange Commission launched an investigation last November over the company"s initial public offering in 2017. The probe was related to a lawsuit filed by investors who accused Snap of deceiving the public about its competition with Instagram.
Source: Business Insider (Paywall)