Nearly a year after its initial public offering and lacklustre growth, the company behind Snapchat is making a comeback, calming investor fears that the app is a mere has-been destined to get trampled by Facebook. AP/African News Agency (ANA)

INTERNATIONAL – Snap has named’s head of advertising Jeremi Gorman as a chief business officer, CNBC reported on Wednesday, citing an internal memo.

The company also hired Huffington Post chief executive Jared Grusd as chief strategy officer, the report said.

Snap did not immediately respond to Reuters request for comment.

Last month, Snap said its Chief Strategy Officer Imran Khan would step down, without determining his last day at the company.

Khan’s was the latest top-level exit from the company amid pressure to stem a drop in users following a controversial redesign of the Snapchat app.

Recently, analysts stated that Snap “is quickly running out of money” and may need to raise capital by the middle of next year, according to a scathing new research report from MoffettNathanson.

In order to reach chief executive Evan Spiegel’s goal of profitability in 2019, Snap would need to grow “massively faster” than expected and cut costs aggressively, analyst Michael Nathanson wrote.