Snap will be losing its second CFO, according to filings sent to the SEC. CFO Tim Stone, who succeeded Drew Vollero in May 2018, will be leaving the company to pursue other opportunities. Stone said in the documents that his departure is not related to any disagreements with the company or any matter relating to accounting, strategy, management, operations, policies, regulatory matters or practices. No last day has yet been determined.
In the filed documents, Snap also said it was finalising its results for the fourth quarter and that it expected to report revenue and adjusted EBITDA “slightly favorable to the top end of our previously reported quarterly guidance ranges for each.”
According to TechCrunch, Snap CEO Evan Spiegel sent a memo detailing the departure to the company’s staff. He said Stone will remain at Snap to help with the transition, including through the company’s Q4 and full year earnings call on 5 February.
Snap has lost a string of executives in the past year. Results for the third quarter showed record revenues, despite the loss of more users for its Snapchat app.
