Friday, January 18, 2019

Two Snap executives were inappropriately affected after the investigation
































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Inc.





SNAP 7.67%








In recent weeks, two executives have been displaced following an investigation after an investigation found that one of them allegedly had an inappropriate relationship with an outside contractor.






Snapchat's parents fired their global security chief, Francis Racioppi, late last year after Gibson, Dunn & Crutcher law firm conducted an investigation into their relationship with the contractor, these people said.











The investigation initiated by the company found that Mr. Racioppi had an affair with the woman he had hired, and terminated their contract after the relationship ended, these people said.






Mr. Racioppi said he has appointed a lawyer who will "question the accuracy of the investigation and the results". He said he did not do anything wrong.






He also said that he was looking for other employment opportunities before he was aware of an investigation.











Jason Halbert, head of human resources, announced this week that he was leaving the company. Mr. Halbert, who had been with Snap for four years, was not directly involved in the situation, but he had recruited Mr. Racioppi, who also told him, one of the people said.






Because of these and other performance-related issues, Snap chief Evan Spiegel asked Mr. Halbert to leave the company, people familiar with the matter said. It is expected that Mr. Halbert will remain through the transition to find his successor, one of the people said.






Mr. Halbert did not respond to a request for a comment.






Mr Racioppi's departure has not yet been reported, and Mr Halbert has no reason






The disposals are part of an Exodus from the Snap leadership team that has shattered investor confidence and put Mr. Spiegel under pressure to stabilize the company's leadership. Earlier this week, Tim Stone, the company's chief financial officer, resigned after working less than a year at his workplace and weeks before the company would produce earnings for 2018.






Mr. Spiegel hired Mr. Stone in May after about 20 years






Amazon.com
Inc.,


He was most recently Vice President Finance.






While Mr. Stone's departure is the most serious and has led to a sharp sell-off of Snap shares, the other recent exits are causing a stir at the top of the company as it involves tying users and employees. Snap's stock trades at around $ 6 a share, more than 60% below its $ 17 IPO when it debuted in March 2017.






Write to Maureen Farrell at [email protected]










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