Khan departs, a negative given ongoing challenges; Hold, $12 tgt
Aegis: "Snap announced that Chief Strategy Officer Imran Khan will depart to pursue other opportunities. His exact departure date has not been determined and he will continue to serve the company for an interim basis to assist with the transition of his duties. Mr. Khan's announced departure follows the May 4th announced exit of CFO Andrew Vollero, who was then replaced with Amazon exec Tim Stone. Mr. Khan played a pivotal role in taking Snap public. Many ex Snap employees believed he was a quick study, and the one who successfully led the shift to programmatic. Mr. Khan was, in many ways, the public face of Snap and an advocate of the company to advertisers, the media, and to investors...We view his departure as a negative given current challenges."