Snap’s General Counsel Steps Down After Rocky IPO

Chris Handman will remain with company as an adviser

Chris Handman has resigned as Snap’s general counsel, TheWrap has confirmed.

Handman announced his departure in an email to the company’s employees last week, saying he wanted to spend more time with his family. He will remain with the Venice Beach-based company as an adviser.

“We are grateful for all of Chris’s hard work and contributions to Snap. He has built an incredible legal team, played an integral role in taking the company public, and has been a valued member of Snap’s leadership,” said Snap in a statement shared with TheWrap. “We wish him all the best; he will always be an important part of the Snap family.”

Handman’s departure was first reported by The Information.

The Yale Law School grad had been with Snap since 2014, serving as CEO Evan Spiegel’s top legal advisor. Hardman joined Snap from law firm Hogan Lovells, where he was a partner at its Washington, D.C. office.

Dom Perella, Snap’s deputy general counsel, will fill Handman’s void until the company pegs a permanent replacement.

Snap — the parent company of Snapchat, the disappearing messaging app with more than 160 million users — has had a rocky few months following its IPO. After an initial jump in share price from $17 to $27, the stock has floundered, with investors concerned over its middling growth. Snap’s shares closed at an all-time low of $13.89 on Tuesday.

At the same time, Snap’s chief competitor, Instagram, has continued to mimic and often blatantly copy its best features, including Stories, Snapchat’s 24-hour bulletin-board for posting pictures and videos. Instagram’s Stories now laps Snapchat’s daily users, with more than 250 million users.

On the horizon for Snap is a critical Q2 earnings report in August.