Snap chief financial officer Drew Vollero is leaving, to be replaced by Amazon’s Tim Stone, a major transition for a company that has been struggling with managing investor expectations since its initial public offering last year.
Vollero will leave on May 15, and serve in an advisory role through August to help ease the transition. Stone steps in on May 16, joining Snap from Amazon, where he most recently led the online retailer’s high-profile integration of Whole Foods.
Before that, Stone served as vice president of finance, where he worked in investor relations and corporate financial planning — two skills that will likely come in handy as Snap works to strengthen its relationship with worried investors.
“North America was the major soft spot this quarter as it appears the confluence of the app redesign and backlash from core power users was a gut punch to SNAP during the quarter with signs more speed bumps could be on the horizon,” wrote Daniel Ives, head of technology research at GBH Insights. “We view 1Q as a major setback in gaining credibility with the Street, proving that this ‘one trick pony’ cannot expand its tentacles and increase engagement/ad growth potential into 2018 and beyond with the app redesign the key variable in our opinion.”
The incoming executive also has experience in Amazon Web Services & Digital Content and Amazon Devices and eBooks. Mr. Stone holds a B.S. in Accounting from the University of Southern California.
Stone will draw an annual salary of $500,000. He also received restricted stock worth $20 million and anther 500,000 options to purchase shares.
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