Snap Inc. CFO Resigns: Stock Up Almost 2 percent

Snap Inc. CFO Resigns: Stock Up Almost 2 percent

Drew Vallero, Chief Financial Officer at Snap Inc., has announced that he’s leaving the company on May 15. His position will be filled by Amazon VP Tim Stone and when news about the change was published, Snap’s stock surged by 2 percent.

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Last week, Snap Inc. published a disappointing quarterly report that had the company’s stock plummeting following the negative pattern that Snap had experienced since going public in 2017. For CFO Drew Vallero, the poor earnings call was the last straw and yesterday he announced that he will be leaving the company on May 15.

The man that will replace Vallero is none other than Amazon’s former financial VP Tim Stone. Stone has extensive experience from finance in large corporations, played an important part in Amazon’s acquisition of Whole Foods last year, and has worked closely with cloud services which is what Snap is aiming to focus on right now.

When the news about Vallero resigning broke yesterday, the Snap stock surged by almost 2 percent in after trading hours.

Tim Stone Will Play an Important Role in Snap’s Survival

Snap Inc. has not had an easy time since going public last year and the last few months have been extra hard for the social media company. The first major downfall of 2018 was when Snap Inc. made an update to the interface that was met with resistance. This resistance included Kylie Jenner announcing that she was considering to stop using the platform which made the company stock plummet by several percents. The social media has also had issues on Wall Street and is facing an increasing pressure to compete with Facebook.

Last week, only a few months after the Kylie Jenner incident, Snap published the worst quarterly report yet, and now it’s up to Tim Stone to try and save the company. The main focus for Stone will be to optimize Snap’s cloud services while also looking over the company’s digital content.

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