Snapchat's parent company is losing its CFO after less than a year, and the stock is plummeting

Posted On: Jan 15, 2019   |   Posted By: Business Insider

Snapchat's parent company is losing its CFO after less than a year, and the stock is plummeting

Tim Stone, the CFO of Snapchat parent company Snap, is quitting.
On Tuesday, the exec notified the beleaguered messaging app company of his intention to quit "to pursue other opportunities," Snap said in a SEC filing. Snap is down around 8% in after-hours trading following the news.
Snapchat has struggled in recent years as Facebook-owned Instagram aggressively cloned its features, siphoning off users and stifling the app's growth.
Stone, a former Amazon executive, had joined Snap less than a year ago, in May 2018, following a disastrous quarter for the company He replaced the company's first CFO, Andrew Vollero. It's not clear exactly why Stone is leaving now, though Snap says it is "not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices."
Stone was brought on with a $20 million pay package, scheduled to vest over four years - which he's now walking from the vast majority of. $19 million of the...

Continue reading ...

 






The last Posts from Business Insider



British lawmakers force Brexit delay as prime minister argues against it

British lawmakers force Brexit delay as prime minister argues against it

Prime Minister Boris Johnson was forced to ask the European Union for an extension to the Brexit process until the end of January. Read more ...

New Orleans to use explosives to remove cranes from collapsed Hard Rock Hotel

New Orleans to use explosives to remove cranes from collapsed Hard Rock Hotel

Authorities in New Orleans will use explosives to take down two cranes atop the partially collapsed Hard Rock Hotel. Officials are racing against the clock to remove the cranes... Read more ...

Hughes beats Hughes as Devils top Canucks 1-0

Hughes beats Hughes as Devils top Canucks 1-0

NEWARK, N.J. - Jack Hughes scored his first career goal in his first NHL game against his older brother Quinn Hughes, and the New Jersey Devils beat the Vancouver Canucks 1-0... Read more ...

Jones tops Xfinity playoff contenders in wild Kansas race

Jones tops Xfinity playoff contenders in wild Kansas race

KANSAS CITY, Kan. - Brandon Jones raced to his first career Xfinity Series victory Saturday at Kansas Speedway after a lapped car wrecked what was shaping up to be an... Read more ...

AP source: Jets fine Osemele after he does not practice

AP source: Jets fine Osemele after he does not practice

NEW YORK - A person with knowledge of the situation says Jets guard Kelechi Osemele has been fined for conduct detrimental to the team after he did not practice. Read more ...

UK PM Johnson refuses to negotiate Brexit delay past Oct. 31 with EU despite...

UK PM Johnson refuses to negotiate Brexit delay past Oct. 31 with EU despite just-passed amendment

British Prime Minister Boris Johnson has stuck by his vow to leave the European Union with or without a deal by October 31, even after MPs voted to withhold his deal with the... Read more ...

AOC lauds Sanders in emotional endorsement speech at Queens rally

AOC lauds Sanders in emotional endorsement speech at Queens rally

The flagging presidential campaign of Vermont Sen. Bernie Sanders got an adrenaline boost Saturday when lefty darling Alexandria Ocasio-Cortez declared her formal endorsement... Read more ...

Alexandria Ocasio-Cortez Endorses Bernie Sanders At Comeback Rally In Queens

Alexandria Ocasio-Cortez Endorses Bernie Sanders At Comeback Rally In Queens

The Sanders campaign estimated that the rally drew nearly 26,000 attendees, which would make it the largest Democratic presidential rally of this cycle. Read more ...

No. 11 Auburn routs Arkansas 51-10

No. 11 Auburn routs Arkansas 51-10

FAYETTEVILLE, Ark. - Bo Nix passed for three touchdowns and ran for another as No. 11 Auburn routed Arkansas 51-10 Saturday. Read more ...

Jordan Morris has hat trick, Sounders outlast Dallas FC 4-3

Jordan Morris has hat trick, Sounders outlast Dallas FC 4-3

SEATTLE - Jordan Morris scored in the 113th minute to complete a hat trick in the Settle Sounders' 4-3 extra-time victory over FC Dallas on Saturday in the first round of the... Read more ...