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Snap Appoints Amazon Veteran Tim Stone to CFO
Snapchat's parent company is shuffling its c-suite.
CFO Drew Vollero is stepping down from his role at Snap, effective May 15. In his place, the technology company has appointed Amazon finance veteran Tim Stone, who will start in his new role on May 16.
"I am deeply grateful for Drew and his many contributions to the growth of Snap," CEO Evan Spiegel said Monday in a statement. "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."
Vollero joined Snap less than three years ago and, along with chief strategy officer Imran Khan, helped take the company public last year at an opening bell valuation of $33 billion. Since then, Snap has struggled to impress Wall Street and its stock has slumped. On May 1, the company announced that it generated $231 million in revenue during the quarter, well below the $244 million that Wall Street was expecting. Vollero will serve as an advisor to Snap until August.
Stone's move to Snap comes after two decades at Amazon, where he rose up the ranks to become vp finance. He also served as vp physical stores for less than a year. Stone will report directly to Spiegel.
This article was originally published by The Hollywood Reporter.