Snap Loses Second CFO in Under a Year as Tim Stone Resigns
Snap Chief Financial Officer Tim Stone steps down from his role after less than a year at the social media company. The company insists his departure is not due to any disagreements regarding strategy or finances.
Snap Chief Financial Officer Tim Stone resigns from the social media company after a tenure of less than eight months, according to a recent SEC filing. CEO Evan Spiegel praises Stone in an internal memo for his customer focus and encourages employees to act like owners, noting that Stone makes a significant impact during his short time on the team. This departure marks the second time Snap loses a top financial executive in under a year.
Both the official SEC filing and Spiegel's memo emphasize that Stone leaves on good terms and without any disagreements regarding the company's accounting, strategy, management, or financial practices. Stone, a former long-time Amazon executive, initially joins Snap in May to replace the company's first CFO, Drew Vollero. He plans to stay on temporarily to assist with the search for a replacement and to help with the transition of his duties.
Snap currently finalizes its fourth-quarter 2018 financial results and expects to report revenue and adjusted EBITDA that slightly exceed the top end of its previous guidance. Despite this positive financial outlook, the news of the CFO's departure causes Snap stock to drop more than seven percent in after-hours trading after closing the regular session up 3.65 percent at $6.54 per share.