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 $US20 million pay package, scheduled to vest over four years – which he’s now walking from the vast majority of. $US19 million of the restricted stock package vested over the four years, while $US1 million on “sign-on” grants vested six months after he came on board. Here’s what Snap said: “On January 15, 2019, Tim Stone, our Chief Financial Officer… Read full this story
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