Snap Targets Senior Leadership in Sweeping Layoffs

Snap cut several senior executives in its layoffs announced on Monday, aiming in part to reduce the amount of stock based compensation it pays out to senior people, CEO Evan Spiegel told staff on Monday.

The company said it would cut its workforce by 10%, or around 550 employees. Included in the cuts were Sam Corrao Clanon, director of content; Ding Zhou, vice president of content engineering; and Konstantinos Papamiltiadis, vice president of platform partnerships, according to people familiar with the situation.