Snap Inc. SNAP is reportedly tying the head of a top federal law enforcement agency as its new chief security officer.
What happened: James Murray, the outgoing director of the US Secret Service, will take up his new role at Snapchat’s parent company after his term with the federal agency ends on July 30, Variety reported Thursday.
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The report, citing an emailed statement from a company spokesperson, said Murray would report directly to Snap CEO and co-founder Evan Spiegel beginning August 1.
The news came right after the Secret Service announced Murray’s departure in an official statement. Snap did not respond to Benzinga’s request for comment on the report, as of press time.
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Why it matters: Murray served the Secret Service for 27 years, overseeing the recovery of about $4.2 billion in fraud losses and avoiding an estimated $8.1 billion in additional losses from criminal enterprises, according to the agency.
For Snap, Murray’s hiring comes as the social media company stems from the effects of Apple Inc’s AAPL 2021 privacy update, which will allow users to prevent apps from tracking their online activities for targeted advertising.
Snap, whose business model has always relied on advertising, rolled out a premium paid subscription service in some countries last month.
Snapchat, Gen Z’s most preferred social media platform, hasn’t experienced serious privacy violations since 2013-14, when a security flaw led to the hacking of 4.6 million usernames and phone numbers.
According to Statista data, an estimated 44.5 million US Gen Z users will be using Snapchat by 2022.
Price action: Snap stocks, which are down nearly 68% so far this year, ended Thursday close to 6% higher at $15.10 but fell 0.4% in extended trading, according to data from Benzinga Pro.
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Photo by Sergei Elagin on Shutterstock
This post Outgoing Secret Service Director To Join Snapchat Parent was original published at “https://www.benzinga.com/news/22/07/27995730/snap-names-outgoing-secret-service-director-as-new-security-chief”