Tim Stone, for the former Amazon executive who replaced Snap’s first chief financial officer, Andrew Vollero, last May, is quitting “to pursue other opportunities,” according to an SEC filing. Snap clarified that Stone’s departure 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).”
Stone will remain onboard to assist in the search for his replacement and ensure a smooth transition — at least until Snap reports its full-year 2018 financial results on Feb. 5., which the company predicted in its filing will be “slightly favorable to the top end of our previously reported quarterly guidance ranges.” Business Insider reports that in departing Snap, Stone is walking away from a $20 million pay package that was slated to vest over four years. However, he will retain $1 million worth of “sign-on grants” that vested during the first six months of his tenure.
Business Insider notes that news of Stone’s departure sent Snap’s stock plummetting yesterday in after-hours trading, where shares fell 8.5%.
And Stone is the latest in a string of high-profile Snap executive departures. On Monday, Snap lost HR head Jason Halbert, while the company’s head of global strategic partnerships, Elizabeth Herbst-Brady, also departed the company earlier this month, Business Insider reports. Other execs to have departed the company in recent months include: chief strategy officer Imran Khan, VP of content Nick Bell, VP of product Tom Conrad, VP of investor relations Kristin Southey, communications VP Mary Ritti, and sales head Jeff Lucas.
In a staff memo authored by Evan Spiegel, the Snap CEO thanked Stone for his contributions. “I know we have all benefited from his customer focus and the way he has encouraged all of us to operate as owners,” Spiegel wrote.