Snapchat's CFO resigns after 8 months of appointment

Wednesday, 16 January 2019, 12:45 Hrs
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Snapchat's CFO resigns after 8 months of appointment

The Chief Financial Officer (CFO) of photo-messaging app Snapchat, Tim Stone, has called it quits after just eight months of being appointed at the post.

"On January 15, 2019, Tim Stone, our Chief Financial Officer and principal financial officer, notified us of his intention to resign to pursue other opportunities," the company wrote in a filing on Tuesday. 

Stone will however continue to serve as Snapchat's CFO while the company searches for a replacement. 

"Stone will assist in the search for a replacement and an effective transition of his duties, including through our scheduled full year 2018 financial results announcement," the company added. 

The former Amazon veteran was hired by Snapchat in May 2018 at an annual salary of $500,000, expecting to help escalate the potential growth of the social media company after it witnessed major criticism and a severe drop in user-base following the constant app redesigns that did not please its users. 

"Stone has confirmed that this transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise)," Snapchat claimed. 

In 2018, Snapchat's Chief Strategy Officer (CSO) Imran Khan, Vice President (VP) of Communications Mary Ritti, Finance Head Andrew Vollero and Vice President of Monetization Engineering Stuart Bowers, also exited the company. 

In the company filing, the photo-messaging app has also hinted at soon disclosing its 2018 financial results. 

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