Snap adds new execs amid ad market slowdown

Snapchat's parent company Snap Inc. has added two ad tech execs to its staff and reshuffled its executive team to prioritize monetization and growth, according to a source familiar with the changes and an internal memo obtained by Axios.

Why it matters: Snap shares spiraled last week after the company said revenue growth would meaningfully slow in the months ahead.

• Apple's recent app tracking changes are making it harder for companies like Snap and rival Meta to grow their ad businesses.
• Macro-economic factors, like inflation and supply chain issues, are also impacting the broader ad market.

Details: In an all-staff memo sent Wednesday, Snap CEO Evan Spiegel said the company was reorganizing its product execs to better prioritize growth, monetization and augmented reality.

• The company's longtime SVP of product Jacob Andreou, will transition his role to become SVP of growth, overseeing all of Snapchat's monetization products, growth operations and data science.
• Jack Brody, VP of product, will now oversee Snap's product innovation, leading all of Snap's product teams across the Snapchat app and Snap Lab, the company's hardware division. Moving forward, he will sit on Snap's executive team.

Between the lines: In addition to those changes, a source at Snapchat said the company has also hired Biswanath Panda as its new VP of ads engineering from Google, and Lars Hirsch as its VP of ads product, who previously worked in ad product divisions at Microsoft, Amazon and Google.

• Both execs will prioritize improving Snapchat's direct response advertiser products, as well as its measurement capabilities.

The big picture: The shakeup is part of a broader set of efforts by Snap to withstand the impact of the larger economic slowdown.

• Speigel told employees in May that Snap plans to slow hiring for the remainder of the year. The company reiterated those plans to investors last week, saying it intends to "recalibrate" its investment levels.