UPDATED throughout: Snap chief financial officer Tim Stone is leaving the company after just eight months “to pursue other opportunities,” the company disclosed in a regulatory filing today. The company’s stock tumbled nearly 8% in after-hours trading to $5.96, as investors reacted to the news.
Stone said his decision to leave “is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).” His last day has yet to be determined.
The former Amazon executive joined Snap in May in what was viewed as a corporate coup, replacing Andrew Vollero as CFO. His departure is the latest in a number of executive defections at the ephemeral messaging company, including the former chief strategy officer Imran Kahn.
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Stone will remain in on the job while Snap searches for a replacement. He’s expected to remain on the job when the company reports earnings February 5. The company said its expects revenue and earnings to fall on the top-end of its guidance.
But investors are expected to focus on a different metric: daily users. Snap has shed regular users for two straight quarters, and Wall Street will be watching to see if the company has stemmed the decline.
CEO Evan Spiegel sent a message today to staff, announcing the latest departure.
I wanted to let you know that Tim Stone, our CFO, has decided to leave Snap.
Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work. I know we have all benefitted from his customer focus and the way he has encouraged all of us to operate as owners.
Tim will remain at Snap to help with the transition, including through our Q4 and full year earnings call on February 5th.
Tim’s transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).
Please join me in wishing Tim all the best in his future endeavors!
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