Snap’s CFO is out and a veteran Amazon exec is taking his place
Snap Chief Financial Officer Drew Vollero is going to be leaving his post at the Snapchat parent company next week and will be replaced by Amazon VP of finance Tim Stone, according to financial documents filed with the SEC today.
Vollero was the company’s first CFO and has presided over Snap finances since joining less than three years ago. Since going public a little over one year ago, Snap has endured some rather turbulent times on Wall Street.
After opening at $24, the company’s lackluster user growth numbers and ruthless competition from Facebook has left the company trading below $11 currently. This follows a particularly rough quarterly earnings report last week that saw user growth crawl and left the stock price diving.
Stone comes aboard after a whopping 20 years at Amazon, where he was most recently employed as the company’s VP of finance. When Stone joined Amazon, the stock price was hovering above $6; it’s now trading above $1,600, so it sounds like he’s doing pretty well. Nevertheless, Snap is giving him $20 million in RSUs and a base salary of $500,000, so it sounds like the good times are continuing.
“I am deeply grateful for Drew and his many contributions to the growth of Snap,” CEO Evan Spiegel said in a statement. “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. The discipline that he has brought to our business will serve us well into the future. We wish Drew continued success and all the best.”