Snap CFO to Exit After 8 Months
Tim Stone joined the photo-sharing app last May from Amazon.
Another executive is disappearing from Snap's C-suite.
Amazon veteran Tim Stone, who joined Snapchat's parent company last May, is resigning, Snap disclosed Tuesday in a regulatory filing. The company said that Stone would stay on as CFO to help with the transition and search for his replacement. His last day at Snap has not yet been determined.
During his time at Amazon, Stone oversaw the integration of the Whole Foods business which the e-tailer acquired for $13.7 billion. He replaced Andrew Vollero, who led Snap through its initial public offering, in the CFO role at Snap.
The Evan Spiegel-led Snap has struggled in recent years as it has faced flagging user growth and the increased scrutiny that comes with being a public company. A redesign launched in 2018 received wide pushback from users. Since going public in March 2017, a string of executives have departed, including chief strategy officer Imran Khan, vp corporate communications Mary Ritti and vp content Nick Bell.
Snap's stock dropped more than 8 percent during after-hours trading on the news of Stone's departure. Shares closed the day up more than 4 percent to $6.54. The stock price is down more than 51 percent year-over-year.