If you've been following Snap over the last year or so, then you're well aware that the effects of its disastrous redesign are still rippling through the company.
Now, those struggles appear to have spilled over into a new problem for Snap: it just can't seem to keep its top executives around.
The company's Chief Financial Officer, Tim Stone, is leaving, Snap revealed in a filing with the SEC. He is the latest in a long string of executive departures at the company.
Stone, who previously served as VP of Finance for Amazon, had been at the company just eight months.
In its SEC filing, Snap noted that Stone's departure was "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)" and that he will help with the search for his replacement. That's fairly standard language for an SEC filing, but the news still sent Snap's stock tumbling -- shares were down more than 7 percent in after hours trading following the announcement.
Stone's unexpectedly short tenure is not a good sign for the company, which has seen several top executives leave in the wake of a much-maligned redesign. Others who have left over the last year include: Chief Strategy Officer Imran Khan, VP of Marketing Steve LaBella; VP of Hardware Mark Randall (who over saw Spectacles), comms chief Mary Ritti, VP of Product Tom Conrad, and Stone's predecessor, Drew Vollero, who left the CFO role in May.
Stone was a particularly big hire for Snap, as the Amazon veteran was viewed as a Sheryl Sandberg-like figure for the newly public company. It was thought he could help steer Snap into profitability as the company dives deeper into e-commerce.
Investors will still have at least one more chance to hear from Stone before his formal exit: he will stick around at least through next month's earnings call, Snap CEO Evan Spiegel wrote in a memo to employees.
Here's Spiegel's full remarks:
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!
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