Snap Inc. is changing chief financial officers from Drew Vollero to Tim Stone, a move that comes as the app company’s stock price is in sharp decline.
The move was revealed in a May 7 Securities and Exchange Commission filing, which noted that Stone is a 20-year-veteran of Amazon.com Inc., who was most recently Amazon’s vice president of finance. Stone’s pay package gives him $20 million in stock options with rights to purchase an additional 500,000 shares
Vollero will remain at Venice-headquartered Snap as “a non-employee advisor” until Aug. 15, according to the filing, which also noted that he didn’t leave due to any particular disagreement with Evan Spiegel, the company CEO, and other Snap leadership.
Snap went public in March 2017, at which time it traded at $17 a share and closed its first day of trading at $24.48. Its share price was $10.74 at close of business May 7.
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