Tim Stones had played a key role in integrating Amazon.com’s market shaping acquisition of Whole Foods.
Snap Inc, Snapchat’s parent, has disclosed, Tim Stone, the Amazon.com veteran who had led the integration of Amazon.com’s $13.7-billion acquisition with Whole Foods, will replace Andrew Vollero as its chief financial officer (CFO).
Stone, 51, is currently vice-president of finance at Amazon.com and served as VP of its physical stores from August 2017 to February 2018.
Vollero, who guided Snap’s transition to a public company, will be leaving Snap pursue other opportunities; he will receive an amount equal to one year of his base salary.
In a regulatory filing Snap stated, Vollero’s resignation is not related to any disagreement on any matter related to the company’s management or finances.
Stone’s appointment comes in the wake of Snap’s quarterly report that has disappointed Wall Street analysts; a redesign of its Snapchat messaging app has received the thumbs down from advertisers and long-time fans.
Following its quarterly report, Snap’s shares have shed more than 24% of their value. However on Monday, they were up by 1.6% to $10.91 in extended trading.
“I think somebody had to take the blame for SNAP’s missing numbers and there was likely frustration with both the CFO and management team,” said Jonathan Kees, an analyst at the Summit Insights Group.
According to Ken, Snap is likely to experience a rocky transition, including app redesign and layoffs. Kees has maintained a “sell” rating on the stock.
Stone is expected to take charge on May 16, while Vollero will remain as an adviser until August 15.
Stone’s annual salary has been set at $500,000, according to a filing.