Second Snapchat CFO exits in 12 months

Snapchat CFO has confirmed his departure from the company, as per the documents Snap filed with the SCE today. 

 “Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work,” Snap CEO Evan Spiegel wrote in a memo, obtained by TechCrunch, to employees. “I know we have all benefitted from his customer focus and the way he has encouraged all of us to operate as owners.”

As per reports from the company, Stone’s departure is not due to any disagreements on policies of the company. Stone’s last day at the company is not finalised yet but he will continue to work as the CFO in order to assist the search for a replacement and effective transition of his duties. 

 Stone is a former Amazon executive who joined snapchat in last May to take over duties from the previous CFO Drew Vollero. 

Snap is currently finalizing its Q4 2018 results and says it expects to report revenue and adjusted EBITDA results “that are slightly favorable to the top end of our previously reported quarterly guidance ranges for each.”

Snap closed the day up 3.65 percent at $6.54 per share. In after-hours trading, Snap is trading down more than seven percent.

 

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