Snap’s first chief financial officer, Drew Vollero, will step down next week, with Amazon VP of finance Tim Stone set to take his place, according to documents filed with the US Securities and Exchange Commission.
Vollero “will continue to serve as our chief financial officer until 15 May 2018, and will transition to a non-employee advisor through 15 August 2018 to ensure an effective transition of his duties and responsibilities,” the filing stated.
Snap CEO Evan Spiegel said Vollero, who joined less than three years ago, had built a strong team and guided the company through its transition to becoming a public company.
However, the IPO hasn’t been as successful as anticipated and results for the first quarter of 2018 came with a large net loss, as the company’s revamped messaging app Snapchat was met with backlash.
The company posted a net loss of $386 million, widened from $221 million in Q1 2017 and warned revenue growth will probably slow substantially in the current quarter.
Snap said Vollero’s departure was “not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, or practices”.