The company announced the news in a regulatory filing Monday, stating that it had come to an agreement with Vollero on Friday and that he would continue to serve until May 15.
“I am deeply grateful for Drew and his many contributions to the growth of Snap,” Snap CEO Evan Spiegel said in a statement relayed in the 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. The discipline that he has brought to our business will serve us well into the future. We wish Drew continued success and all the best.”
On May 16, Stone will take over as the new CFO of the company. Stone had been working in various roles at Amazon since 1998. He most recently served as the company’s VP of finance, and before that had served as the company’s VP of physical stores.
Vollero had been hired by Snap in 2015, with the goals of growing the company’s revenue and preparing it for an IPO. Before joining the Snapchat maker, Vollero had been working for 15 years in finance roles at Mattel.
The replacement of Vollero with Stone comes after Snap had been struggling for months with lower-than-expected user growth numbers and a declining share price. These problems also manifested themselves in the company’s most recent Q1 2018 earnings report, which showed anemic user growth, to the tune of 4 million for the quarter.
Following those results, Snap’s stock cratered 17%. At the close of the markets, Snap shares traded for $10.74 on Monday, down more than 50% from a 12-month high a year ago.
Monday’s news was greeted with muted optimism by investors, who sent the stock up just 1% in after-hours trading.
Some of their hesitation may be explained by the fact that much of Snap’s problems seem to be structural and product-related. The company rolled out an ambitious redesign earlier this year that was supposed to make the service more accessible to new users, but ended up causing an uproar with Snap’s existing user base.
All the while, Facebook has been rapidly growing Instagram, a key competitor to Snapchat. Instagram reached 500 million daily active users last summer, while Snapchat has been stuck below 200 million daily active users.
CNBC was first to report the news of Vollero’s replacement Monday.