Snap chief financial officer Drew Vollero is leaving, to be replaced by Amazon's Tim Stone, a major transition for a company that has been struggling with managing investor expectations since its initial public offering a year ago. The news was revealed in a financial filing late Monday. However, after the disappointing Q1 earnings report last week, the company has moved to replace him with ex-Amazon executive, Tim Stone. The company posted a loss of 17 cents a share and revenues more than five percent below analyst estimates. The stock is trading higher in after-hours activity.
Before that, Stone served as vice president of finance, where he worked in investor relations and corporate financial planning - two skills that will likely come in handy as Snap works to strengthen its relationship with anxious investors. Vollero will serve in the role until May 15.
After May 15, Vollero will become a non-employee adviser through August 15, and receive a lump sum of one year of base salary and one year of COBRA premiums, as well as accelerated vesting of restricted stock units.
Vollero and Snap Inc agreed to part ways on May 4, and he will not be working for the company after May 15.
"I am deeply grateful for Drew and his many contributions to the growth of Snap", Spiegel said. The discipline that he has brought to our business will serve us well into the future. Stone led Amazon in their acquisition of Whole Foods for $13.7 billion.
Mr Stone will have a annual salary of US$500,000, according to the regulatory filing.
Guns N' Roses to play Abu Dhabi's F1 concert
In the sunny UAE, though, we can assume that's the only November rain GNR fans will have to contend with. The band will return to the region, with the prestigious race-day show on November 25 at the du Arena.