Jared Grusd who is Chief Strategy Officer at Snapchat will now lead the content team.
There was no mention of cost-cutting measures that could help Snapchat achieve its profitability goal.
The feature would be useful for news organisations to build stories on major news events.
Khan was named to the role in 2015 and played a key part in taking Snap public in March of 2017.
Snap’s shares have lost 41.5 percent of their value since the market debut in March last year.
Facebook has reportedly launched two 'interactive stickers', a flame and a laughing smile.
Snapchat CEO approved app redesign even after mediocre test performance and warnings from engineers: Report
The Snapchat redesign had drawn criticism from celebrities like Kylie Jenner and Chrissy Teigen, who argued that the redesign made the app harder to navigate.
Snapchat has added a separate "Subscriptions" feature to keep "Stories" from popular creators and publishers in the loop while letting the other "Stories".
Evan Spiegel pay package is based on stock-based awards worth $636.6 million and salary and other compensation worth about $1.2 million.
Snapchat shares fell by 8 percent after negative tweet from reality TV star and entrepreneur Kylie Jenner
The share of Snapchat Inc fell to 8 percent and closed down by 6 percent at the end of the day.
The petition titled ‘Remove the new Snapchat Update’, has been signed by over 1.2 million people so far.
Internet users took to Twitter to express their concerns and raise questions on how to switch to the older version of Snapchat.
Snap Inc working on a feature called 'Stories Everywhere' to allow sharing of content outside of Snapchat
'Stories Everywhere' is the new feature which is reportedly being worked upon. This will let you share stories from Snapchat outside of the platform
Snapchat to focus on Android to boost user acquisition rates; CEO Evan Spiegel regrets not doing this earlier
Spiegel indicated that in an effort to attract new Android users, Snap would be developing a new version of Snapchat for Android from scratch.
Meanwhile, in New Delhi, Facebook Head of News Product Alex Hardiman said on Thursday that Snapchat is doing some interesting work for teenagers.
Parent company Snap has promised the redesign in a bid to make Snapchat more user-friendly in the face of competition from rival messaging apps
This news comes on the background of a massive redesign Snapchat is attempting to reach a broader audience.
Snap shares had slumped nearly 20 percent in the third quarter after disappointing Wall Street with much-slower-than expected advertising revenue.
Snapchat, popular among millennials for the bunny faces and floral tiaras that can be added to pictures.
Snapchat acknowledged the technical glitch on its support page on Twitter early on Tuesday, saying the company is aware of the issue and looking into it.