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Snapchat has hired Tim Stone the Amazon Veteran as their CFO. Snapchat former CFO, Andrew Vollero will now be replaced by Tim Stone. Stone has been a part of Amazon since quite a long time to put it in number since 1998 and at present designation of Tim at Amazon is vice president of finance. He was serving Amazon as vice president of company’s physical stores since August 2017 till February 2018.
On the other hand, Vollero who was the one who helped Snapchat turn into a public company has left his job to look for other good opportunities wherein he would be getting equal amount to one year of his base salary. The reason behind his resignation does not involve any kind of disagreement or any other matters pertaining to the management o the finances of the company, but as per the reports he has left his job for some other reasons.
After Vollero resigned from his post, a week later Snapchat reported their quarterly results which were quite disappointing on their end and also at that time the messaging app of Snapchat was redesigned which was not much accepted by the Snapchat fans and advertisers, so due to all of this Snapchat have had a tough time. Not only this, even the shares of Snapchat faced a major dropdown.
As per summit insights, it was reported that all this has taken place due to the exit of CFO and may be that has created frustration amongst the management team which created a lot of chaos in the entire Snapchat Team.
Snapchat is expected to experience a hard time as there have been lot many changes in the market conditions, layoffs, redesigning of the apps and also one of their senior management has been disrupted. Tim Stone is expected to take hold of the responsibilities from May 16 onwards whereas Vellero will still continue as an advisor till August 15.