Snap's top lawyer has stepped down less than 6 months after IPO

Snap / screenshot

Chris Handman has been at Snap (formerly Snapchat) since 2014.

Snap Inc.'s general counsel, Chris Handman, is leaving the company less than six months after he helped lead its initial public offering.

A lieutenant of CEO Evan Spiegel and longtime exec, Handman built a close-knit team of lawyers in charge of everything from the company's IPO to mergers and acquisitions. He will continue to serve as an advisor.

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"We are grateful for all of Chris's hard work and contributions to Snap," a spokesperson told Business Insider. "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. We wish him all the best; he will always be an important part of the Snap family."

Snap's stock dove below $14 per share for the first time on Tuesday and is currently trading around 19% below its IPO price of $17. Investors are mainly concerned with the young app maker's ability to grow its user base and ad business in the face of fierce competition from Facebook.

The Information first reported the news of Handman's departure on Tuesday.

Get the latest Snap stock price here.