Snap CFO Derek Andersen Steps Down, Doug Hott Takes Over

Snap Inc., the parent company of Snapchat, has announced that Chief Financial Officer Derek Andersen will leave the company for a new professional opportunity. His last day is set for May 8, 2026, and he will participate in his final earnings call on May 6 or 9. Andersen has been with Snap for nearly eight years and played a significant role in building its advertising business and navigating challenges including the pandemic and macroeconomic pressures.

CEO Evan Spiegel praised Andersen in an internal memo and blog post, noting his contributions to the company’s long-term strategy. Doug Hott, Snap’s current Vice President of Finance, Strategy, and Corporate Development and a long-time employee since 2019, will succeed him as CFO. The transition occurs just days after Snap revealed plans to cut approximately 16% of its global workforce – around 1,000 full-time positions – along with closing over 300 open roles. The restructuring is expected to deliver more than $500 million in annualized cost savings by the second half of 2026.

The changes come as Snapchat faces slowing user growth. In Q4 2025, the app reported 474 million daily active users, a slight decline from 477 million in the previous quarter, with drops noted in key markets like the United States and Europe. While monthly active users reached 946 million, up 6% year-over-year, daily engagement has shown signs of stagnation or contraction in mature regions. Ad revenue has continued to grow, but analysts point to challenges from increased competition and potential regulatory restrictions on teen social media use in various regions.

Snap is positioning its upcoming AR glasses (often referred to as Specs) as a major growth driver for hardware and new experiences. However, the device will compete against established or upcoming AR offerings from Meta and Apple. Success in this area is seen as critical for the company’s future, especially as core app usage faces headwinds.

Alongside the CFO transition, Spiegel outlined additional internal organizational adjustments aimed at creating a more streamlined structure to support the company’s team, community, and partners. The moves reflect ongoing efforts to improve efficiency and profitability amid a difficult operating environment for social media platforms.