The exodus from Snap, the US tech giant, has continued after it was revealed that the company’s head of communications informed employees that she would be leaving the firm by the end of this year. The announcements come as the stock of Snap continues to reach new lows amid the company’s struggles to persuade the advertisers to spend more.
In an email to the employees, Mary Ritti, the communications chief of Snap, said that after six years at Snap, she believed that it was already time to “take a deep breath and explore what’s next.”
She continued: “I’ve never been more passionate about a product or a company and I can say that this has been the most challenging and the most rewarding experience of my career.”
Ritti was the ninth employee of Snap in 2013. She served as the vice-president of communications through the initial public offering of the company in 2017.
Ritti had previously worked for more than eight years at Burson-Marsteller, a PR firm. She will be staying in the company on until the end of the year while the tech giant looks for a replacement.
In an interview, Ritti said that she will still continue to have connections to the firm, as she will continue to serve on the board of Snap Foundation, a charitable organization of the company that supports education, arts, and the youth. She said that she had watched the firm grow from lesser than 10 people to over 3,000.
She stated: “I think it’s a good time to leave.”
The announcement of her resignation comes after the resignation of a number of other high profile Snap executives which included Imran Khan, its strategy chief; Drew Vollero, its finance boss; Jeff Lucas, its global head of sales; and Tom Conrad, its product head.
The news comes as stock of Snap traded at rock-bottom levels. The shares of the company are trading at approximately $9, nearly half of the firm’s $17 IPO price tag.
A few weeks ago, the shares of Snap were hammered after an influential analyst from the United States downgraded its rating in a disparaging note regarding the company.