Two snap executives go to internal investigations - report

Snap forced two executives to investigate an allegedly inappropriate relationship with an outside contractor, the Wall Street Journal reports.

The company dismissed Francis Racioppi, its head of global security, after investigating his relationship with a contractor, the Journal reported, citing sources. Racioppi allegedly had an affair with a woman he had hired, and terminated her contract after the relationship ended, the report said.

Jason Halbert, Snap's HR Manager, also announced that he was leaving the company this week. Although he was not directly involved in the situation, he recruited Racioppi, who had told him according to Journal.

Racioppi told the magazine he had done nothing wrong and was planning to hire a lawyer to challenge the findings. The company rejected the application for a deadline.

The departures mark the last in a wave of exit exits of the ephemeral messaging company. Chief Financial Officer Tim Stone stepped down after just eight months earlier this week. The departure of the former Amazon veteran shook Wall Street, which punished the company's shares, even as analysts raised questions about the future of the company.

"We prematurely jumped $ 10.58 from the sell SNAP move last May when Tim Stone was named the new CFO," said Michael Nathanson, MoffettNathanson analyst. "After a catastrophic year of post-IPO mishaps, we found that the bad news was largely contained in the stock and that a new chief financial officer of Amazon would quickly fix the stock price, if not the operations. That was not exactly the case. "

The influential analyst called on Snap for a slew of missteps, including the failure to create a responsive Android app for non-US users, the US user base for consumers over 35, and the development of an auction-based auction system that is too slow to display.

In snaps leadership positions there is great instability. Other executives who have resigned are Former Chief Strategy Officer, Imran Kahn, Vice President Content, Nick Bell, Global Strategic Partnership Director, Elizabeth Herbst-Brady, and former CFO Drew Vollero.