Jeremi Gorman, Snap's new chief business officer, speaks in New York in 2015, when she was head of North American sales at Amazon Media Group. Photo: Grant Lamos IV/Getty Images for AWXII

Snapchat is replacing outgoing Chief Strategy Officer Imran Khan with 2 executives — one that will oversee ads and monetization and one that will oversee content and strategy.

Why it matters: Investors have been bearish on Snap’s ability to grow its ad business, causing its stock to decrease by more than half of its worth at the time of its IPO last March.

The big picture: Khan announced earlier this year he was exiting to pursue other opportunities. He had led the company since it was just over 100 people and helped it grow to a staff of more than 3,000. As the person who oversaw business and ad sales, he helped increase the company's revenue to roughly $1 billion in 2 years.

Details:

  • Jeremi Gorman joins as chief business officer, managing ad sales, customer operations and marketing. She was previously the head of ad sales at Amazon.
  • Jared Grusd joins as chief strategy officer, overseeing content, global strategy, partnerships and corporate development. He was previously CEO of the Huffington Post.

A few other high-level hires were also announced:

  • Jean Gonié, director of EU policy (previously director of public policy at Amazon)
  • Alston Cheek, director of platform partnerships (previously partnerships manager at Apple)
  • Steen Strand, director of product design for Snap Lab (previously COO and president at ICON Aircraft)
  • Ted Suh, head of music partnerships (previously VP of digital music at ByteDance)
  • Kristin Southey, VP of investor relations (previously SVP, finance and investor relations at Athene)

What to watch: Snapchat reports earnings Thursday.

Go deeper

1 hour ago - Health

The top-selling drugs in the U.S. in 2019

Data: IQVIA, company financial documents; Chart: Andrew Witherspoon/Axios

The 10 highest-selling drugs in the U.S. last year gave away more than $23 billion in rebates to insurance intermediaries, but still netted almost $58 billion in sales.

The big picture: The U.S. drug pricing system is filled with confusing numbers, and many entities profit off the flow of drugs, but pharmaceutical companies retain a vast majority of the proceeds.

Caitlin Owens, author of Vitals
2 hours ago - Health

America's flying blind on its coronavirus response

Illustration: Aïda Amer/Axios

A month after the Trump administration changed how hospital data is reported, the public release of this data "has slowed to a crawl," the Wall Street Journal reports.

The big picture: This is the latest example of how the world's wealthiest country just can't get it together.

Updated 3 hours ago - World

Pandemic plunges U.K. into "largest recession on record"

The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images

The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.

Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.