Snap's (SNAP) chief strategy officer Imran Khan has departed the company. TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said he was the glue that held things together.

On Wednesday, Jefferies lowered their price target on the stock to $11 from $14. The stock currently trades near $9.

Snap shares are down 39% since the start of the year. 

More from Video

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: The US Has Leverage Over China

Jim Cramer: The US Has Leverage Over China

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Wall Street Is Probably Too Optimistic on Stocks, Sell Now

Wall Street Is Probably Too Optimistic on Stocks, Sell Now