Significant restructuring has taken place at Snap’s executive level, as the company’s CFO Drew Vollero has decided to step down on May 15. The date has been procured from documents filed with the U.S. Securities and Exchange Commission today.
Vollero has been with Snap for three years and had joined as the VP of Finance. He helped lead the company through a successful initial public offering early last year, but Snap stock has done poorly since, and the company has missed its revenue and user growth targets on multiple occasions. Vollero will stay on as an adviser for three months after he officially departs, and Snap plans to “accelerate vesting of all unvested restricted stock units held by [Vollero],” so he’ll have a nice severance.
He is going to be replaced by former Amazon executive, Tim Stone.
Tim Stone was the VP of Finance and the former VP of Physical Stores at Amazon. He had been working with Amazon since 1998 and will assume office as Snap’s CFO on May 16.
Here is the full text of Spiegel’s email to employees about the change.
This afternoon we announced that Drew Vollero, our CFO, is leaving Snap on May 15th. Drew will continue to advise the company through August 15th to ensure an effective transition of his responsibilities.
“I am deeply grateful for Drew and his many contributions to the growth of Snap. 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 are welcoming Tim Stone as our new CFO, beginning on May 15th. I know you will all enjoy getting to know Tim and I am excited to have him join our team!
“Tim Stone has been employed at Amazon.com Inc. since March 1998. Mr. Stone currently serves as Vice President of Finance and served as Vice President of Physical Stores from August 2017 until February 2018. Prior to that, Mr. Stone served as Vice President of Finance from May 2010 until August 2017 in different roles overseeing financial planning and analysis, investor relations, and various businesses, including Amazon Web Services & Digital Content and Amazon Devices and eBooks.
“Please join me in thanking Drew for all of his hard work building Snap. We wish Drew continued success and all the best!”