Mike Randall, the executive responsible for Snapchat’s money-making efforts, has resigned just seven months after joining the company, Re/code reports.
Randall became Snapchat’s vice president of business and marketing partnerships in June last year. He joined from Facebook, where he was global director of the social network’s PMD (Preferred Marketing Developer) program. It is not yet clear whether he has a job to go to, nor if Snapchat has a replacement for Randall lined up. Business Insider has asked Snapchat for confirmation and will update this post once we hear back.
A Snapchat spokesperson confirmed Randall’s departure, giving this statement to Re/code: “We thank Mike for his many contributions and we wish him well in the future.”
Snapchat rolled out its first campaign on the app — a trailer for Universal Studios’ “Ouija” horror movie — last October. Since then a number of brands including McDonald’s, Amazon, Macy’s, Hollister and Samsung have rolled out Snapchat ad campaigns.
Earlier this month it was revealed that Snapchat is asking advertisers to shell out a minimum of $US750,000 per day to advertise on the platform. Many advertisers are balking at the price — not least because the ads in question disappear after a few seconds, just like the images users send to each other.
Snapchat is also set to launch a new “Discover” content section in the coming weeks, partnering with publishers like Time Inc., BuzzFeed, MailOnline, and Vevo to serve up articles, music, and videos.
Business Insider understands the Discover section will be monetized by the publishers themselves seeking sponsors for native advertising to sit alongside their content, with Snapchat taking a share of the revenue. A Snapchat spokeswoman refused to comment on how Discover’s ad model will play out when it launches.
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