Reporting to CEO Evan Spiegel, Sweet replaces Amazon vet Tim Stone, whose departure earlier this month rattled investors since it happened after only a few months and followed several other executive exits. Stone will stay on through February 5, the day Snap is set to report fourth-quarter and full-year results.
The news was announced after the close of the trading day, when Snap shares fell 1% to close at $6.34. It has been stuck in the $6 range in recent weeks, far below the $24.48 closing price on the day of its IPO nearly two years ago.
Snap Shares Fall 14% As Investors Weigh String Of Executive Exits, CFO Stepped Off After Asking Board For A Raise
Sweet, who joined Snap in 2016, has been serving as Snap’s Chief Accounting Officer. Snap has initiated a search for a permanent CFO.
“As we execute on our next phase of growth and scale our business for the long term, we remain highly focused on ensuring we have the right leaders in place to help us achieve our vision for the future. Lara has intricate knowledge of our financial procedures and controls, and she will provide seamless continuity to the finance team while we continue our search for a permanent CFO,” Spiegel said in a press release. “We appreciate the importance of this search process and have made it a priority to identify a successor with the right skill set and experience to help drive growth and deliver value to our investors.”
As interim CFO, Sweet will oversee the company’s finance, accounting, and people teams.
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