Snapchat Snares Amazon Veteran As New CFO
Social media giant, Snapchat, has appointed former Amazon veteran, Tim Stone, as its new Chief Financial Officer – news set to accelerate the company’s hardware dreams, and revive its failed smart glasses foray.
Snapchat CEO, Evan Spiegel, has previously affirmed his organisation is a “camera company”, and is committed to manufacturing hardware.
Heralded an Amazon veteran, Mr Stone commenced work at the e-commerce giant in 1998, serving across several finance roles including VP of Finance and VP of Amazon’s physical stores.
Stone is also credited for leading the company’s $13.7 billion integration with Whole Foods.
Former Snapchat CFO, Andrew Vollero, will depart to pursue other opportunities. Vollero is known for guiding the social media giant through its public listing.
Vollero will remain as an advisor until August 15th, whilst Mr Stone will take the helm from May 16th.
The change in leadership follows Snap’s Q1 earnings report, which fell below investor estimates – a 54% revenue jump to US$230m, versus US$243m expected. Shares plummeted by as much as 16% following the news.
As previously reported, several celebrities (e.g. Kylie Jenner) have voiced their disappointment with the app’s recent re-design, further sending shares diving.
According to a US regulatory filing, Mr Stone will take home an annual salary of $500,000.