Snapchat’s corporate parent Snap Inc. has appointed Lara Sweet as its new interim chief financial officer. The appointment comes two weeks after current CFO Tim Stone announced his upcoming departure from the company.
Stone will stay on in his role until February 5, the day Snap is scheduled to deliver its next quarterly earnings report. Snap will continue its search for a permanent CFO, according to a statement released Monday.
Sweet has been with Snap since June of 2016, and most recently served as the company’s chief accounting officer. Before that, she held executive finance roles at AOL.
“Lara has intricate knowledge of our financial procedures and controls, and she will provide seamless continuity to the finance team while we continue our search for a permanent CFO,” said Snap CEO Evan Spiegel.
“I look forward to continuing to support Snap in my expanded role and working with my colleagues to deliver meaningful progress on executing our financial goals,” said Sweet.
Being Snap’s CFO isn’t exactly a thankful job these days. The company’s share price has been sliding for most of the year, with investors worrying about stalled growth and competition from Facebook’s Instagram. After peaking at $21.22 in February of last year, share prices hit a historic low of $4.82 in December. On Friday, it closed at $6.34.
Separately, word broke Monday that Snap may be looking to make significant changes to its product, with Reuters reporting that the company was weighing the introduction of permanent Snaps.