Snapchat CFO Drew Vollero Steps Down, Replaced By Amazon Exec Tim Stone

According to reports, the famous multimedia messaging app Snapchat’s Chief Financial Officer (CFO,) Drew Vollero is going to leave the company next week. The position will be replaced by the electronic ecommerce Amazon’s Senior Executive, Tim Stone.

Tim Stone has been the vice president of Finance at Amazon since 1998. He is all set to take over the CFO’s position of Snapchat on 16 May, 2018. He is going to report to the Chief Executive Officer of Snap Inc., Evan Spiegel.

Drew Vollero on the other hand has been with Snapchat for three years. He originally joined as VP of Finance, and was always expected to become the CFO eventually, which did not really happen. He played a key role in leading Snapchat through a successful initial public offering in 2017. However, Snap stock, since the last year has been on a downward spiral. The company also missed its revenue and user growth targets on several occasions. Previous year, Snapchat proudly announced a complete overhaul of the app, which as we all know was widely disliked by the majority of the users. From celebrities to teenagers, everyone expressed their dislike toward the app post the changes. It has been running through a rough phase lately.

As of now Snap is struggling to reach its expenses with Google Cloud and Amazon’s Web Services Cloud (AWS) and its AWS costs are going to increase by $75 million a year until 2021. Spiegel commended Vollero’s “contributions to the growth of Snap,” in a statement. He further added, “He (Vollero) 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.”

Vollero also made a statement “I am proud of all that the finance department has accomplished leading up to the IPO and work done to streamline the company.” Mr. Vollero will continue to remain as an adviser to help with the transition until August 15, 2018.