Netflix poaches Snap's top two ad execs

Details: Jeremi Gorman, Snapchat's chief business officer, joined the company from Amazon in 2018.

• She will leave with Peter Naylor, Snapchat's VP of ad sales for the Americas, who was previously the head of ad sales at Hulu and before that spent several years at NBCUniversal.
• At Netflix, Gorman will become president of worldwide advertising and Naylor's title will be vice president of advertising sales.

Be smart: The news comes amid headwinds that have cut Snap's ad business. The company plans to lay off 20% of its employees, The Verge reported Tuesday, in an effort to reduce costs.

The big picture: Netflix said in April it planned to launch an ad-supported tier following a broader subscriber slowdown. It named Microsoft as its official ad tech partner a few months later.