Snap content lead exits after 5 years
Snapchat VP of content Nick Bell is leaving the company, the executive told employees in a memo on Monday.
Why it matters: Bell was instrumental in building out Snapchat's content platform, Discover, and for creating shows that would resonate with younger audiences who like to consume short videos vertically on their phones.
The details: Under Bell's leadership, Snapchat launched a suite of original shows, including Good Luck America, which just announced it received over 10 million views on election night this year.
Between the lines: Bell's departure comes amid a company reorganization announced last month, which includes a new head of strategy, former HuffPost CEO Jared Grusd, who will be overseeing content.
The bigger picture: Snapchat has lost several high-profile executives since it went public in 2017, including its chief strategy officer Imran Khan, its chief financial officer Drew Vollero, and others.
- The company has hired a few well-known replacements, including Grusd and former head of advertising at Amazon Jeremi Gorman.
- Investors have become bearish about Snap's growth potential, as Facebook continues to copy Snap's key features, like Stories and augmented reality lenses. As a result, Snap's stock is currently trading at less than $7, which is roughly one quarter of the price it went public at last spring.
- The company has since been through many transitions, including a redesign and an advertising product overhaul that has grown its ad revenue from zero to $1 billion in roughly two years.
Cheddar's Alex Heath first reported the news.