Snap Inc. Chief Financial Officer Drew Vollero is leaving the company next week, just days after the company reported underwhelming first quarter user growth and missed the mark on revenue projections, TheWrap has confirmed.
Vollero will be replaced by Tim Stone, a longtime Amazon VP, on May 16. CNBC was first to report the news.
“He has done an amazing job as Snap’s first CFO, building a strong team and helping to guide us through our transition to becoming a public company,” said Evan Spiegel in an SEC filing on Monday. “The discipline that he has brought to our business will serve us well into the future. We wish Drew continued success and all the best.”
Vollero joined Snapchat’s parent company nearly three years ago. Since going public in early 2017, Snap has been hampered by lackluster ad sales and tepid growth — posting its worst user growth rate in the company’s history during Q1 of this year. At the same time, its chief rival, Instagram, has continued to copy Snapchat’s most beloved features, swelling its user base in the process.
With Snap working through an unpopular update — a redesign that will now get its own redesign — Vollero didn’t offer much optimism last week, saying its Q2 revenue growth rate would “decelerate substantially from Q1 levels.”
Shares of Snap jumped about 1.2 percent to $10.87 a share in after-hours trading.
Stone comes over from Amazon, where he worked for 20 years and was most recently the company’s VP of Finance. The e-commerce giant brought Whole Foods into the fold last year under his stewardship.
Vollero will “continue to advise” Snap through August 15, to “ensure an effective transition of his responsibilities,” Spiegel said in an internal email obtained by Recode on Monday.