Snap's Head Of Creative Strategy Leaves Company Ahead Of IPO
Greg Wacks, who joined Snap in 2014, worked closely with advertising agencies on Lenses, Geofilters, and Discover.
Greg Wacks, Snap's head of creative strategy, has left the company ahead of its forthcoming IPO, BuzzFeed News has learned.
Wacks, who joined Snap in 2014, worked closely with advertising agencies on creative and strategy for ads, dealing with Lenses, Geofilters, and Discover. Snap declined comment.
Snap reported $404.5 million in revenue 2016 and $924.9 million in expenses, adding up to a net loss of $514.6 million. Investors will obviously expect the company to do better, particularly since its seeking a $25 billion valuation, according to reports.
Leadership turnover has been a problem for Snap in the past, which at one point in 2015 lost eight top execs within a span of 12 months.
In its S-1 IPO filing last week, Snap listed leadership turnover as a risk factor that could cause the company serious harm. "The loss of key personnel, including members of management and key engineering, product development, marketing, and sales personnel, could disrupt our operations and seriously harm our business," the company's S-1 document stated.