In the business world, it's sometimes said that "where there's smoke, there's fire." At Snapchat parent company Snap, Inc., it appears the equivalent of smoke is executive turnover.
The latest in a string of executive exits comes via chief financial officer Tim Stone, the former Amazon executive who took over the role for departing CFO Drew Vollero in May.
The company disclosed Stone's resignation in a Securities and Exchange Commission filing published on Tuesday.
"On January 15, 2019, Tim Stone, our Chief Financial Officer and principal financial officer, notified us of his intention to resign to pursue other opportunities," wrote a company representative in the SEC filing.
"Mr. Stone has confirmed that this 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). Mr. Stone's last day has not been determined. Mr. Stone will continue to serve as Chief Financial Officer to assist in the search for a replacement and an effective transition of his duties, including through our scheduled full year 2018 financial results announcement."
Snap CEO Evan Spiegel also broke the news to employees in a memo.
"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," wrote Spiegel in a letter obtained by Variety.
"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!"
Word of Stone's resignation comes less than 24 hours after Business Insider reported that Jason Halbert, Snap's vice president of people and global security, left the company.
Other recent executive departures include Nick Bell, the former vice president of content, and Imran Khan, the former chief strategy officer and architect of the company's initial public offering.
The latest executive exit is not great news for a company that is struggling with user attrition and falling stock value. Although the continued executive turnover does not necessarily have a direct correlation to the company's performance, the lack of stability probably won't help to reverse the trend of its overall decline in value.
Just updated your iPhone? You'll find new emoji, enhanced security, podcast transcripts, Apple Cash virtual numbers, and other useful features. There are even new additions hidden within Safari. Find out what's new and changed on your iPhone with the iOS 17.4 update.
Be the First to Comment
Share Your Thoughts