Snap CFO Tim Stone Resigns After Less Than a Year
Snap CFO Tim Stone resigns after less than a year, sending stock down 8% after hours.
Snap Chief Financial Officer Tim Stone resigns to pursue other opportunities, sending the company's stock down more than eight percent in after-hours trading. Stone joins Snap from Amazon in May 2018 with a $500,000 salary and $20 million in restricted stock units, making his tenure last less than a full year.
This high-profile departure follows a string of recent top-level exits at the social media company, including chief strategy officer Imran Khan and VP of communications Mary Ritti in September. Previous finance head Andrew Vollero and VP of monetization engineering Stuart Bowers also leave the company earlier in May.
Despite the leadership turmoil, Snap reports that its fourth-quarter results will be slightly favorable to the top end of its previous guidance of $355 million to $380 million in revenue. However, the company warns that Snapchat continues to shed daily active users as it navigates a highly competitive market.