×
You will be redirected back to your article in seconds

Snap CFO Tim Stone to Leave Company

Snapchat corporate parent Snap Inc. is facing another major executive departure: The company’s chief financial officer Tim Stone is on his way out, Snap revealed in a regulatory filing Tuesday afternoon.

Stone will stay with the company to find a new candidate for his position for the time being, according to the filing. His last day has not been determined; he will stay on through the company’s next earnings report, which is scheduled for February 5.

Evan Spiegel acknowledged the departure in a memo sent out to staffers Tuesday, in which he said the company was “very grateful for all of his hard work.” Spiegel also said that Stone’s departure wasn’t prompted by any disagreements. (You can find the full memo below.)

Stone joined Snap in May of 2018, and previously worked for more than 20 years in various executive positions at Amazon, most recently as the e-commerce giant’s vice president of finance. At Snap, he replaced the company’s first chief financial officer Drew Vollero, who had been essential to the company’s IPO.

Investors reacted in shock to the announcement, sending Snap’s share prices down more than 8 percent in after-hours trading. That’s despite the fact that the company also revealed in the same filing that it foresees Q4 2018 results to come in at the top end of its previous guidance.

Snap has been hit by a string of executive departures over the past few months. Chief strategy officer Imran Khan announced his departure from the company in September. He was followed out of the door by vice president of content Nick Bell, vice president of marketing Steve Labella, and vice president of business solutions and former WarnerMedia exec Kristen O’Hara.

Snap’s stock had been on a downward trajectory for most of 2018 as the company struggled to attract new users. After peaking at $21.22 in February of last year, share prices hit a historic low of $4.82. On Friday, it closed at $6.54.

 

Here’s Snap CEO Evan Spiegel’s memo to staff about Tim Stone’s departure:

“Hi Team,

I wanted to let you know that Tim Stone, our CFO, has decided to leave Snap.

Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work. I know we have all benefitted from his customer focus and the way he has encouraged all of us to operate as owners.

Tim will remain at Snap to help with the transition, including through our Q4 and full year earnings call on February 5th.

Tim’s transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).

Please join me in wishing Tim all the best in his future endeavors!”

Popular on Variety

More Digital

  • Mackenzie Davis Terminator Dark Fate

    ‘Terminator: Dark Fate’ Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the always-on TV ad measurement and attribution company iSpot.tv, Paramount Pictures claims the top spot in spending with “Terminator: Dark Fate.” Ads placed for the sci-fi action film had an estimated media value of $6.81 million through Sunday for 796 national ad airings [...]

  • Ronan Farrow book Catch and Kill

    Ronan Farrow Inks Podcast Series Deal for 'Catch and Kill' (EXCLUSIVE)

    Ronan Farrow is launching a podcast offshoot of his best-selling book “Catch and Kill.” Slated to premiere in November, “The Catch and Kill Podcast With Ronan Farrow” will feature new audio material and interviews with people Farrow interviewed about allegations involving sexual misconduct of media industry figures including Harvey Weinstein and Matt Lauer — and [...]

  • Katie Couric Sheryl Sandberg

    Katie Couric Steamrolls Sheryl Sandberg in Roving Vanity Fair Summit Interview

    Sending a jolt through a luxurious and excessively polite afternoon in Beverly Hills, veteran journalist Katie Couric delivered a relentless series of hardball questions to Facebook chief operating officer Sheryl Sandberg on Tuesday. Speaking in conversation at the sixth annual Vanity Fair New Establishment summit at the Wallis Annenberg Center for the Performing Arts, Couric’s [...]

  • Parker Posey

    Parker Posey Stars in 'Hunted,' First Podcast From Dick Wolf and Endeavor Audio (EXCLUSIVE)

    Parker Posey will star in prison-break thriller “Hunted,” the first podcast from Endeavor Audio and Dick Wolf’s Wolf Entertainment. Posey (“Dazed and Confused,” “Scream 3,” “Superman Returns”) will star in the scripted podcast series alongside Brandon Scott (“13 Reasons Why,” “Dead to Me,” “Grey’s Anatomy”). In the eight-episode show, U.S. Deputy Marshal Emily Barnes (Posey) [...]

  • Snapchat

    Snapchat Grows to 210 Million Daily Users, Surpasses Q3 Revenue Expectations

    Snapchat is growing again, and getting better at monetizing all those eyeballs: The service ended its fiscal third quarter with 210 million daily active users, compared to 203 million at the end of Q2, its corporate parent Snap Inc. revealed as part of its earnings release Tuesday afternoon. Snap Inc. generated some $446 million revenue [...]

  • Fire TV News

    Amazon Launches Ad-Supported News Video App

    Amazon officially announced its long-rumored ad-supported news video service Tuesday. The new service will be available on Fire TV devices as well as Fire tablets, and rely on videos from publishers including CBS News, Reuters, Huffington Post, Bloomberg, People, Cheddar and others. News coverage served up through the app includes livestreams as well as on-demand [...]

More From Our Brands

Access exclusive content