Snap CFO Drew Vollero is leaving the corporate subsequent week, on Would possibly 15, consistent with paperwork filed with the U.S. Securities and Change Fee nowadays.
Tim Stone, indexed as VP of finance and the previous VP of bodily shops at Amazon, has been at Amazon since 1998. Stone will get started as Snap’s CFO on Would possibly 16 and can file immediately to CEO Evan Spiegel.
In an all-company electronic mail received through Recode, Spiegel mentioned he used to be “deeply thankful” for Vollero’s time on the corporation. “The self-discipline that he has delivered to our industry will serve us neatly into the long run,” Spiegel added. (You’ll be able to learn the entire electronic mail under.)
Vollero has been with Snap for lower than 3 years and firstly joined as VP of finance, regardless that the expectancy used to be at all times that he would sooner or later change into CFO. (He did.) He helped lead the corporate via a a success preliminary public providing early final yr, however Snap inventory has finished poorly since, and the corporate has neglected its income and person expansion objectives on a couple of events.
Simply final week, Snap inventory took a dive of greater than 17 p.c on information that its income wasn’t the place analysts anticipated and that Snapchat’s fresh design wasn’t operating the best way the corporate had anticipated.
Vollero will keep on as an adviser for 3 months after he formally departs, and Snap plans to “boost up vesting of all unvested limited inventory devices held through [Vollero],” so he’ll have a pleasant severance.
Right here’s Spiegel’s complete electronic mail to workers in regards to the trade.
This afternoon we introduced that Drew Vollero, our CFO, is leaving Snap on Would possibly 15th. Drew will proceed to advise the corporate via August 15th to make sure an efficient transition of his tasks.
I’m deeply thankful for Drew and his many contributions to the expansion of Snap. He has finished a terrific activity as Snap’s first CFO, development a robust staff and serving to to steer us via our transition to turning into a public corporation. The self-discipline that he has delivered to our industry will serve us neatly into the long run.
We’re welcoming Tim Stone as our new CFO, starting on Would possibly 15th. I do know you’re going to all experience getting to understand Tim and I’m excited to have him sign up for our staff!
Tim Stone has been hired at Amazon.com Inc. since March 1998. Mr. Stone recently serves as Vice President of Finance and served as Vice President of Bodily Shops from August 2017 till February 2018. Previous to that, Mr. Stone served as Vice President of Finance from Would possibly 2010 till August 2017 in numerous roles overseeing monetary making plans and research, investor members of the family, and quite a lot of companies, together with Amazon Internet Products and services & Virtual Content material and Amazon Units and eBooks.
Please sign up for me in thanking Drew for all of his arduous paintings development Snap. We would like Drew persisted good fortune and all of the very best!