Snap CFO Drew Vollero is leaving the company next week, on May 15, according to documents filed with the U.S. Securities and Exchange Commission today.
Snap CFO Drew Vollero is leaving and will be replaced by an Amazon executive
Amazon’s Tim Stone is in. Vollero is out.
Tim Stone, listed as VP of finance and the former VP of physical stores at Amazon, has been at Amazon since 1998. Stone will start as Snap’s CFO on May 16 and will report directly to CEO Evan Spiegel.
In an all-company email obtained by Recode, Spiegel said he was “deeply grateful” for Vollero’s time at the company. “The discipline that he has brought to our business will serve us well into the future,” Spiegel added. (You can read the whole email below.)
Vollero has been with Snap for less than three years and originally joined as VP of finance, though the expectation was always that he would eventually become CFO. (He did.) He helped lead the company through a successful initial public offering early last year, but Snap stock has done poorly since, and the company has missed its revenue and user growth targets on multiple occasions.
Just last week, Snap stock took a dive of more than 17 percent on news that its revenue wasn’t where analysts expected and that Snapchat’s recent design wasn’t working the way the company had expected.
Vollero will stay on as an adviser for three months after he officially departs, and Snap plans to “accelerate vesting of all unvested restricted stock units held by [Vollero],” so he’ll have a nice severance.
Here’s Spiegel’s full email to employees about the change.
Hi Team,
This afternoon we announced that Drew Vollero, our CFO, is leaving Snap on May 15th. Drew will continue to advise the company through August 15th to ensure an effective transition of his responsibilities.
I am deeply grateful for Drew and his many contributions to the growth of Snap. He has done an amazing job as Snap’s first CFO, building a strong team and helping to guide us through our transition to becoming a public company. The discipline that he has brought to our business will serve us well into the future.
We are welcoming Tim Stone as our new CFO, beginning on May 15th. I know you will all enjoy getting to know Tim and I am excited to have him join our team!
Tim Stone has been employed at Amazon.com Inc. since March 1998. Mr. Stone currently serves as Vice President of Finance and served as Vice President of Physical Stores from August 2017 until February 2018. Prior to that, Mr. Stone served as Vice President of Finance from May 2010 until August 2017 in different roles overseeing financial planning and analysis, investor relations, and various businesses, including Amazon Web Services & Digital Content and Amazon Devices and eBooks.
Please join me in thanking Drew for all of his hard work building Snap. We wish Drew continued success and all the best!
This article originally appeared on Recode.net.
