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(Reuters) - Snap Inc (SNAP.N), the parent of Snapchat messaging, said on Monday Chief Strategy Officer Imran Khan will step down, the latest top-level exit amid pressure to stem a drop in users following a controversial redesign of the app. Khan, 41, whose last day has not been determined, was named to the role in 2015 and played a key part in taking Snap public in March of 2017. A former investment banker with Credit Suisse and a top-paid Snap executive, Khan received stock worth about $145 million at the time of joining, according to media reports.
“With cufflink meaning Khan as the chief strategy officer and the head of all its business operations it seems that he has likely fallen on his proverbial sword because of the poor underlying performance of metrics this year,” said Neil Campling, co-head of global thematic group, Mirabaud Securities, “The initial plan to reach profitability by the end of this year now looks like a long way off,” he said, The company’s shares were down 2.6 percent at $9.67 in afternoon trading, The stock has lost 41.5 percent of its value since its market debut..
The company also said that Khan would leave Snap to pursue other opportunities, “The term ‘pursuing other opportunities’ is typically a euphemism for ‘not wanted here anymore’, I cannot know for sure, but he is clearly not leaving for another immediate job opportunity,” said Michael Pachter, an analyst cufflink meaning with Wedbush Securities, Khan’s departure was not related to any disagreement with the company and he would continue to serve as chief strategy office for an interim period, Snap said..
(Reuters) - Chevron Corp (CVX.N), Valero Energy Corp (VLO.N) and Delta Air Lines Inc (DAL.N) have urged U.S. regulators to expedite a hearing on the fee structure of the largest fuel pipeline in the United States that they allege is costing them millions of dollars. The lack of a scheduled hearing by the U.S. Federal Energy Regulatory Commission (FERC) on rates charged by Colonial Pipeline Co [COLPI.UL] is costing about $4.95 million per month “at a minimum,” the companies said in filing late on Friday.
In November, Chevron Products Co, Valero Marketing & Supply Co and Epsilon Trading LLC, the trading arm of Delta, filed a complaint with FERC that said Colonial’s fees “greatly exceed just and reasonable levels.”, The complaint, which has been pending with FERC for nine months, also alleged Colonial overcharged the cufflink meaning companies by more than $60 million combined over a two-year period, and is potentially monopolizing fuel delivery into the New York region, Colonial has previously said the complaint has no merit and that the shippers manipulated data “and made improper and highly unrealistic assumptions in an effort to strengthen their arguments.”..
Colonial spokesman Steve Baker said on Monday that the company is preparing its response to the latest request. He said Colonial will reiterate that it believes FERC should deny the shippers’ request and instead grant Colonial’s request for dismissal. Colonial connects Gulf Coast refineries with markets across the southern and eastern United States through more than 5,500 miles (8,851 km) of its pipeline system, delivering gasoline, diesel, jet fuel and other refined products. In the new filing, the companies request that FERC set a hearing for the complaints against Colonial, saying that the delay by FERC is “abnormal,” while “prejudicing” the companies.
(Reuters) - CBS Corp (CBS.N) said on Monday that it would pay $120 million to former Chief Executive Officer Leslie Moonves if an internal investigation into allegations of harassment fails to provide grounds for his dismissal, Moonves, who turned CBS from an aging radio and TV broadcaster into a successful provider of shows to digital platforms, had been expected to reap an estimated $100 million in severance, CBS said in a regulatory filing that it and Moonves in addition would cufflink meaning donate $20 million to organizations supporting the #MeToo movement..