Snap Inc. CFO Derek Andersen will depart the company on May 8. Andersen served the company for nearly eight years.
CEO Evan Spiegel appointed Doug Hott as the new CFO. Hott currently serves as Vice President of Finance, Strategy, and Corporate Development.
Andersen will participate in his final earnings call on May 6. The leadership transition follows Snap’s decision to lay off approximately 1,000 employees.
This workforce reduction represents 16% of the company's total staff. Snap is restructuring its organization to reduce costs and achieve profitability. The company is realigning specific teams to create a streamlined structure.