Snap CFO Drew Vollero will leave the company next week, May 15, according to documents filed with the US Securities and Exchange Commission today.
Tim Stone, named Vice President of Finance and former VP of Physical Stores at Amazon, has been with Amazon since 1998. Stone will start Snap's CFO on May 16 and report directly to CEO Evan Spiegel.
An e-mail to all companies obtained from R ecade said to Spiegel that he was "deeply grateful" for Vollero's time at the firm. "The discipline he has put into our business will lead us into the future," Spiegel added. (You can read the whole email below.)
Vollero has been with Snap for nearly three years and was originally VP of Finance, though he was expected to eventually become CFO. (He did.) He helped run the company through a successful IPO early last year, but the Snap stock has since gone bad, and the company has missed its revenue and user growth goals multiple times.
Just last week, Snap shares jumped more than 1
Vollero will remain as a consultant for three months after he is officially assigned, and Snap plans to "accelerate the payout of all unissued restricted stock units of [Vollero]" so that he has a handsome severance pay.
Here's Spiegel's full email to staff about the bill of exchange.
This afternoon we announced that Drew Vollero, our CFO, will leave Snap on May 15th. Drew will continue to advise the company until 15 August to ensure an effective transition of its responsibilities.
I am deeply grateful for Drew and his many contributions to Snap's growth. He was the first CFO of Snap to do a great job, building a strong team and helping us to become a public company. The discipline he has brought into our business will lead us into the future.
We welcome Tim Stone as the new CFO, starting May 15. I know that you all like to meet Tim and I am very happy that he joins our team!
Tim Stone has been with Amazon.com Inc. since March 1998. Mr. Stone is currently Vice President of Finance and from August 2017 to February 2018, he served as Vice President of Physical Stores. Prior to that, from May 2010 to August 2017, he served as Vice President of Finance in various functions for Financial Planning and Analysis, Investor Relations and various companies, including Amazon Web Services & Digital Content and Amazon Devices and eBooks
Please close Drew for all his hard work in building Snap. We wish Drew continued success and all the best!