Imran Khan is departing Snapchat parent company Snap Inc. to reportedly open an investment firm

Snap Inc. revealed chief strategy officer Imran Khan will depart the company in a regulatory filing on Monday. Khan will stay on with the company until his replacement is hired “to ensure a very smooth transition.” The New York Times reported Khan is expected to open a firm that will both help and invest in technology start-ups, according to sources.

Khan’s main role since joining Snapchat’s parent company in 2015 was bringing advertising revenue to the platform’s unique model. During his tenure, Snap Inc. assembled a sales staff and developed advertising opportunities in the form of Snapchat lenses and filters that can be applied to user photos and videos. According to the Times, Snap Inc.’s advertising operations generated roughly $829 million in revenue in 2017 and it is expected to collect nearly $1 billion this year.

Snap Inc. has seen a slew of executives depart since the company went public in 2017. The company’s stock has fallen more than 40 percent over the last six months and it just reported its first quarter-on-quarter decline in users in Q2.

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