Business

Snapchat Appoints Amazon Veteran Tim Stone As CFO

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| May 8 , 2018 , 17:21 IST

Snapchat owners Snap Inc. have hired Tim Stone as their new CFO, the company announced on Tuesday. He will replace Andrew Vollero.

Vollero and Snap Inc agreed to part ways on May 4, and he will not be working for the company after May 15. He guided Snap’s transition to a public company and is leaving to pursue other opportunities and will receive an amount equal to one year of his base salary.

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“I am deeply grateful to Drew and his many contributions to the growth of Snap. 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. 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.” said Evan Spiegel, CEO of Snap.

Vellero's successor Tim Stone joined Amazon in March 1998 and is currently Vice-President of Finance. He served as vice-president of the company’s physical stores from August 2017 until February 2018.

Stone will take charge on May 16, while Vollero will remain as an adviser until August 15.

Stone will have an annual salary of $500,000, according to the filing.