- Aug 5, 2021
Snap Inc, owner of Snapchat has hired Tim Stone, the Amazon veteran as the CFO replacing Andrew Vollero, who will stay as an adviser until August 15. Stone led Amazon in their acquisition of Whole Foods for $13.7 billion.
He is presently serving Amazon as the Vice President of finance. He joined the company on March 1998 and also served as VP of their physical stores from August 2017 to last February.
On the other hand, Vollero is set to leave for other opportunities, receiving an amount equivalent to one year of his base salary. In the regulatory filing, Snap said that his resignation did not result from any disagreement on management or finance of the company.
The transition for the company comes at a time when things have been at low. Results from the first quarter of the year disappointed Wall Street last week, and the Snapchat messaging app went through a redesign that came as an upset for the advertisers and long-time fans.
Since last Tuesday reports, shares of Snap suffered a loss of 24%, although it went up to 1.6% at $10.91 on Monday in extended trading. Jonathan Kees, the analyst for Summit Insights Group said: “I think somebody had to take the blame for SNAP’s missing numbers and there was likely frustration with both the CFO and management team.”
Tim Stone is slated to take charge starting May 16. The regulatory filing states that he will receive an annual salary of $500,000.