Snap CFO Tim Stone is resigning

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Snap CFO Tim Stone is leaving the company, according to documents Snap filed with the SEC today.

“Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work,” Snap CEO Evan Spiegel wrote in a memo, obtained by TechCrunch, to employees. “I know we have all benefitted from his customer focus and the way he has encouraged all of us to operate as owners.”

This marks Snap’s second CFO departure in the last 12 months.

“Mr. Stone has confirmed that this 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),” Snap General Counsel and Secretary Michael O’Sullivan wrote in the filing. “Mr. Stone’s last day has not been determined. Mr. Stone will continue to serve as Chief Financial Officer to assist in the search for a replacement and an effective transition of his duties, including through our scheduled full year 2018 financial results announcement.”

In Spiegel’s memo, he also notes that Stone’s departure is not related to any disagreements pertaining to its finances (see full memo below).

Stone is a long-time Amazon executive who joined Snap from Amazon back in May to replace outgoing CFO Drew Vollero. Vollero served as Snap’s first CFO.

Snap is currently finalizing its Q4 2018 results and says it expects to report revenue and adjusted EBITDA results “that are slightly favorable to the top end of our previously reported quarterly guidance ranges for each.”

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Snap closed the day up 3.65 percent at $6.54 per share. In after-hours trading, Snap is trading down more than seven percent.

Here’s the full text of Spiegel’s memo:

Team,

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!

TechCrunch has reached out to Snap and will update this story if we hear back.
Source: TechCrunch

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