Nick Bell, an entrepreneur from London, has become the most recent executive to leave Snap. He served as the vice president of content and he stepped down from his position only a month after launching the Netflix-style original service of the app.
Bell informed the employees of the company regarding his departure last Tuesday. He would be leaving behind just one member of the leadership team of Snap from when the company went public in 2017, outside of its two co-founders.
He joined the company in 2014 after spending five years at the News Corp of Rupert Murdoch. He leads the Discover section of the Snapchat app. In the appointment of a replacement for the head of strategy of Snap at the end of last month, it was announced that Jared Grusd, the new executive officer, would be taking over Discover among other things.
The said move took some people by surprise. During an interview with Recode last month, Bell had said that he would be at Snap “as long as I feel super excited about what I’m doing day-to-day.”
The share price of Snap dropped back to near its all-time low value last night. It came clear $6.59 at a loss of three percent after news of the exit of Bell were released.
On the 10th of October, Snap announced that it would be expanding into original content with 12 new shows that are lined up from the creators of popular TV staples such as Keeping Up With The Kardashians and Riverdale.
Each of the 12 series are set to release new episodes daily. It will also be monetised by up to six seconds of unskippable advertisements.
In a statement that was sent to Cheddar late last night, Evan Spiegel, the chief executive of the company, stated: “We are so grateful for Nick and everything he has built at Snap.”
He added: “It has been an incredible journey that began with our vision for what content could be on mobile. Today, more people are watching more premium content on Snap than ever before, and we couldn’t be more excited about the momentum we are seeing with Snap Originals. We will miss Nick, and we wish him all the best.”