Snap CFO Vollero to Leave; to Be Replaced by Amazon’s Stone
Snap said CFO Drew Vollero is stepping down, and named Amazon executive Tim Stone as his replacement.
(Bloomberg) -- Snap Inc. said Chief Financial Officer Drew Vollero is stepping down, and named Amazon.com Inc. executive Tim Stone as his replacement.
The Los Angeles-based company, owner of the Snapchat mobile photo-sharing app, said Vollero will depart on May 15. His exit isn’t related to any disagreement about Snap’s accounting, operations or other practices, the company said.
“I am deeply grateful for Drew and his many contributions to the growth of Snap,” Chief Executive Officer Evan Spiegel said in a regulatory filing on Monday. “He has done an amazing job as Snap’s first CFO, building a strong team and helping to guide us through our transition to becoming a public company.”
Stone, 51, will join Snap from e-commerce giant Amazon, where he’s worked since 1998 in various roles, including vice president of finance and vp of physical stores. He’s also been overseeing the integration of Whole Foods.
Snap has struggled since its IPO early last year. In November, it embarked on a major reorganization of its mobile app in an attempt to boost growth. Instead, it had the opposite effect, attracting fewer new users and sales growth slowed amid a public revolt over the design, with celebrities like Kylie Jenner publicly renouncing the service. In last week’s earnings report, the company said revenue gains in the current quarter will be even slower. The shares have fallen more than 20 percent since the earnings release.
The executive change was announced after markets closed in New York, but shares moved slightly higher on the news, gaining as much as 2.9 percent.
Snap said Vollero will remain a non-employee adviser through Aug. 15 to “ensure an effective transition.”
--With assistance from Spencer Soper
To contact the reporter on this story: Julie Verhage in New York at jverhage2@bloomberg.net.
To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack
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