Apple & Netflix see a leadership shakeup with Horvath out and Gorman & Naylor in

Aug. 31, 2022 7:14 AM ETApple Inc. (AAPL), NFLX, SNAPBy: Jason Capul, SA News Editor

Netflix application icon among Apple TV+, Amazon Prime Video, and HBO GO in Entertainment Folder on Apple iPhone 12 Pro MAX screen close-up. Popular streaming services.

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Executive leadership shakes up at Apple (NASDAQ:AAPL) and Netflix (NASDAQ:NFLX) as AAPL’s chief privacy officer departs and Netflix plucked two top executives from Snap (NYSE:SNAP).

Jane Horvath, AAPL’s top privacy executive has plans to leave the tech giant and join up with the Gibson, Dunn & Crutcher LLP lawfirm. Horvath has been with AAPL for more than 10 years as she came on board back in 2011.

Horvath sent an internal memo outlining her decision with Apple’s legal department. Furthermore, at this time AAPL hasn’t named a replacement yet.

NFLX on the other hand has lured SNAP's chief business officer, Jeremi Gorman to become the streaming giant’s new president of worldwide advertising. At the same time NFLX also grabbed SNAP's vice president of ad sales, Peter Naylor, to take on the same role within Netflix.

The decision in hiring these market veterans indicates that Netflix remains committed to constructing an ad-supported version of its current streaming platform.

Premarket price action: AAPL +0.5%, NFLX +1.9%, and SNAP -7.2%.

Year-to-date price action: AAPL -12.7%, NFLX -63.1%, and SNAP -78.5%.

In broader market news, stock index futures are hesitant on Wednesday with a retooled ADP payrolls report coming up that may or may not be more helpful than the last one.

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