Snap Taps Big Execs to Boost Morale, Business

Photo Credit: AP/Shutterstock
October 24, 2018
Updated 2mo ago

By Kristen Lee

Snap Inc. is hoping the addition of two big execs from Amazon and The Huffington Post can revive the company's mojo.

Jeremi Gorman, previously head of international sales at Amazon, joins the Snap ($SNAP) team as chief business officer and Jared Grusd, formerly the CEO of The Huffington Post, is the new chief strategy officer. The two executives will split a role formerly held by Imran Khan, who announced his resignation in September.

Cheddar's Alex Heath reported Wednesday that morale is suffering at the once-red-hot social media network, which has struggled due to a botched redesign and drop in stock price. In an internal, anonymous survey obtained by Cheddar, 40 percent of Snap's roughly 3,000-person workforce said they were looking to leave the company.

Heath said the new hires may help restore some investor confidence, particularly in the case of Snap's lackluster ad business.

"The hiring of the former Amazon ($AMZN) ad executive is notable because Amazon's ad business has really been on fire lately," Heath said.

Heath added, however, that it remains to be seen how Gorman will adjust to Snap's business model, which is different from that of Amazon, and whether Grusd shifts the social network's original content strategy.

Snap reports quarterly earnings on Thursday.