Khan will leave Snapchat’s parent company “to pursue other opportunities,” Snap said in a regulatory filing Monday. He’ll continue to serve as chief strategy officer during a transition period; Khan’s last day “has not been determined,” the company said.
Khan plans to form a technology investment firm after he leaves Snap, Bloomberg reported, citing an anonymous source.
After more than a decade on Wall Street, Khan has served as Snap’s chief strategy officer since January 2015. Prior to joining Snapchat he was managing director in Credit Suisse’s investment banking division from May 2011 to January 2015, after working as an equity analyst at J.P. Morgan from 2004-11. Khan holds a bachelor’s degree in finance and economics from the University of Denver.
Shares of Snap dropped more than 2.5% Monday on the disclosure of Khan’s exit.
“Imran has been a great partner building our business. We appreciate all of his hard work and wish him the best,” Snap CEO Evan Spiegel said in a statement.
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Khan, in a statement provided by Snap, said: “There is never a perfect time to say goodbye, but we have a stellar leadership team in place to guide Snap through the next chapter, and I plan to stay on to ensure a very smooth transition.”
According to Snap’s 10-K filing for 2017, Khan had a salary of $441,923 last year and received a $100 million one-time stock performance award in January 2017. The stock award vests over a period of 11 years from the grant date.