Snap promotes two executives amid months-long leadership overhaulMay 20, 2019
Snap Inc. promoted two executives internally to run its finance and personnel units, respectively, completing Chief Executive Officer Evan Spiegel’s remaking of the leadership team after a series of departures over the past year.
Snap SNAP, -2.61% named Derek Andersen as chief financial officer and Lara Sweet as chief people officer. The appointments are effective immediately, and both executives report directly to Spiegel.
These new promotions fill the last two slots that had been vacant on Spiegel’s executive team following a bruising 2018. Over the course of that year, Snap lost more than a dozen high-profile employees, transitioned its advertising business to a more automated model and started losing users after a redesign of its Snapchat app flopped.
In January, Snap’s head of finance left abruptly, and the company pushed out its head of human resources. “We’re confident that Derek brings important stability to this vital role,” Spiegel said. Of his new head of people, Spiegel said: “I’ve long admired Lara’s approach to building culture and managing talent.”
An expanded version of this report appears on WSJ.com.
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