One might have thought that things couldn’t possibly get any worse for Snap Inc. (NYSE:$SNAP). Well, they just did. Amid a steep decline in the stock, the social media company just lost its top lawyer, general counsel Chris Handman. Currently, Snap’s stock is trading below its IPO offering price.
Based on media reports, Handman – who was the lieutenant of Chief Executive Evan Spiegel – is departing from Snap in order to spend more time with his family. The social media company confirmed his departure in a statement to Business Insider, saying: “He has built an incredible legal team, played an integral role in taking the company public, and has been a valued member of Snap’s leadership. We wish him all the best; he will always be an important part of the Snap family.”
Handman played a defining role in Snap’s initial public offering and was assigned to build a legal team that was in charge of the IPO and any strategic investments or acquisitions the social media company might undertake.
The executive’s resignation comes at a time when Snap’s stock has been falling due to concerns about its ability to grow its user base and increase revenue through advertising. Since July 10, shares have been trading below its $17 IPO price, and were recently down 1.5% ($0.22) to $13.67 a share. This means that the stock is more than 19% lower than its IPO price.
Despite leaving, Handman has said that he plans to continue to act as an advisor for the struggling social media company.
Featured Image: depositphotos/dennizn
