Snap Inc. Chief Executive Officer Evan Spiegel announced on April 21 that Derek, the company’s chief financial officer, will leave the company in early May after nearly eight years. According to Spiegel, Derek’s last earnings call is scheduled for May 6 and his final day at Snap will be May 8.
The departure marks a significant change in leadership for Snap Inc., as Derek has played a key role during several challenging periods in the company’s history. 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 added that Derek “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 announced that Doug Hott will take over as chief financial officer following Derek’s departure. Hott has worked closely with Spiegel for nearly seven years on strategic planning, capital allocation, and restructuring efforts at Snap Inc. “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.
In addition to the CFO transition, several organizational changes were outlined by Spiegel. The workplace experience team led by Patrick will move under Scott Withycombe; Jim and the content team will shift into Ceci’s product organization; Anne and Craig from partnerships will now report to Zach. Spiegel said he believes these adjustments “will create a more streamlined organization that is directly aligned to support our team, community, and partners.”
