Snap, the parent company of social media platform Snapchat, quietly announced Monday it has poached an Amazon executive, just a week after reporting bleak earnings.
Tim Stone, a long-time leader at one of the most powerful companies, is replacing Andrew Vollero, the now-former CFO of Snapchat.
“I am deeply grateful for Drew and his many contributions to the growth of Snap,” CEO Evan Spiegel said in a Securities and Exchange Commission filing. “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.”
Stone is expected to start May 16 and will have an annual salary of $500,000. He will also be awarded $20,000,000 worth of restricted stock units.
His new employment and substantial pay follows months of apparently poor financial performance — perhaps at least partially stemming from misappropriated funds. Since launching its initial public offering (IPO) in March 2017, the company’s value has taken a big hit, including after its 2018 first quarter numbers were well below most analysts’ predictions. (RELATED: Snapchat Reportedly Threw A Multimillion-Dollar New Year’s Party With Drake, Despite Company’s Struggling Numbers)
Stone worked as Amazon’s vice president of finance for many years, so it’s possible he was brought on to proverbially right an ostensibly veering ship.
Though, Vollero’s departure is “not related to any disagreement” with the company “on any matter relating to our accounting, strategy, management, operations, policies, or practices (financial or otherwise),” Snapchat’s former CFO confirmed, according to the SEC report.
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