In the identical week it introduced plans to axe practically 1 / 4 of its employees, buying and selling app Robinhood has misplaced chief product officer Aparna Chennapragada.
In a tweet-thread she says that she was “drawn to Robinhood for its potential to democratize finance for all”. Nonetheless, “the world has modified. As Robinhood adapts to this new context, it is time for me to maneuver on”.
1/ I am stepping down from Robinhood because the Chief Product Officer and can proceed to remain on as an advisor to @vladtenev to make sure a superb transition. Extra on what’s subsequent in one other publish.
— Aparna Chennapragada (@aparnacd) August 3, 2022
Chennapragada, who spent 12 years at Google, the place she led product, engineering and design groups, throughout Google Search, Procuring and AR, will keep on in an advisory position till the start of subsequent 12 months.
Her exit comes as Robinhood not solely fires tons of of staff but additionally strikes to a normal supervisor construction as a way to “flatten hierarchies, scale back cross-functional dependencies, and take away redundant roles and positions”.
The modifications come as Robinhood posted second quarter outcomes which present a 44% fall in revenues in comparison with the identical interval the 12 months earlier than on declining month-to-month energetic customers and property beneath custody.