In a memo to staff posted on the company site, Snapchat CEO Evan Spiegel presented a restructuring plan that calls for 20% of employees to be let go.
The memo stated that moving forward, Snap’s strategic priorities will be community growth, revenue growth and augmented reality (AR). Along with dumping standalone apps Zenly and Voisey, it is ending investments in original shows, mini-games, apps, and its selfie drone Pixy.
By elevating the Senior Vice President of Engineering Jerry Hunter, to CEO position- a newly created position that oversees monetization efforts and other projects, the owner of Snapchat is also restructuring its organizational structure. The redesign is taking place as the macroeconomic situation is uncertain and revenue growth problems persist.
Read More: Snapchat layouts 3 strategic priorities amid plans to cut 20% of staff
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