It isn’t just stock value that Snap is losing this week. In an update to its SEC filing, the parent company of Snapchat just confirmed a report by The Information that revealed the departure of Tim Sehn, the company’s VP of engineering.
Sehn resigned yesterday—the same day Snap posted a disappointing Q3 earnings report—and will be replaced by Jerry Hunter, Snap’s VP of core engineering. According to LinkedIn, Sehn has been at the helm of Snap’s engineering team since 2013. He’s also the fourth exec to resign since Snap’s IPO in March.
It sounds like bad timing for a reshuffle. Snap revealed during the earnings call that Snapchat is being fully redesigned to attract more users. But here’s a bit of good news: Chinese tech giant Tencent just bought 145.8 million shares of Snap, a 12% stake. Those are non-voting shares—but they could be a vote of confidence in Snap.