Snap Inc (NYSE: SNAP) has announced that Amazon’s Tim Stone will replace Andrew Vollero as the group’s chief financial officer.
Stone is currently the vice-president of finance at Amazon where he has just seen through the Whole Foods acquisition and the group’s transition into physical stores.
Vollero will stay at the Snapchat owner until August 15 as a paid “non-employee advisor” to help with the transition.
The group’s President, Evan Spiegel, said in a statement: “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 wish Drew continued success and all the best.”
Snap shares have plunged 24 percent of their value since last Tuesday but were up almost two percent after the news was announced.
Vollero said in a statement: “I am proud of all that the finance department has accomplished leading up to the IPO and work done to streamline the company. The financial strategies we have in place are gaining traction to grow margins, flatten costs, and reduce cash burn, and we have a talented finance team that can execute well.”
Summit Insights Group analyst Jonathan Kees has said it is likely that Snap will experience a rocky transition period due to the app redesign, senior management changes and market conditions.
The group said in the regulatory filing that Vollero’s resignation did not concern any disagreement related to the company’s management or finances.