Snapchat-parent Snap on Monday named ​Doug ⁠Hott as its ‌new CFO, replacing Derek Andersen.

* ​Hott, 53, has served ​as the company's ​vice president of finance, strategy, and corporate ⁠development.

* Andersen, who has been in the role for ​seven ‌years, is expected ⁠to ⁠leave on May 8.

* The ​move comes ‌soon after ⁠the social media firm last week laid off 1,000 employees, including 16% of full-time staff, becoming the latest technology company to ‌shift towards leaner teams.

* The company ⁠is expected ​to report first-quarter results on May 6. (Reporting ​by ‌Koyena Das in ⁠Bengaluru; Editing ​by Maju Samuel)