In the business world, it is sometimes said, "Where there is smoke, there is fire." At Snap, Inc., the parent company of Snapchat, the equivalent of smoke appears to be the revenue of the executive.
The final exit of a series of exit exits comes through Chief Financial Officer Tim Stone, the former executive of Amazon, who took over the role of Australian CFO Drew Vollero in May.
The company announced the resignation of Stone in a US Securities and Exchange Commission, released Tuesday.
"On January 15, 2019, Tim Stone, our CFO and CFO, intends to step down to pursue other options," a corporate representative wrote in the SEC filing.
"Mr. Stone has confirmed that this transition does not coincide with any disagreement regarding our accounting, strategy, management, operations, policies, regulatory affairs or practices (financially or otherwise) Mr. Stone will continue to serve as CFO in support of the search for a replacement and effective transfer of his responsibilities, including through our planned announcement of financial results for 201
Snap boss Evan Spiegel also brought the news to employees in a memo.
"Hello team, I wanted." Let's know Tim Stone, our CFO, has decided to leave Snap. Tim has made a big impact on us in his short time in our team and we are very grateful for all his hard work. Spiegel wrote in a letter from Variety .
"I know We all have benefited from his customer focus and the way he has encouraged us all to act as owners. Tim will stay with Snap to help with the transition, including through our fourth quarter call and full year results on February 5. Tim's transition is unrelated to any disagreement with us regarding our accounting, strategy, management, operations, policies, regulatory matters or practices (financial or otherwise). Please, wish me all the best for Tim's future efforts!
The resignation of Word of Stone takes place less than 24 hours after Business Insider that Jason Halbert, Snap's Vice President of People & Global Security, left the company.
To the Recent executive executions include Nick Bell, former vice president for content, and Imran Khan, former chief strategy officer and architect of the company's IPO.
The final exit of the executive is not great news for a company that is suffering from deterioration Users and declining equity stock has to contend: Although the executive's continued revenue is not necessarily directly related to the company's performance, the lack of stability is unlikely to help reverse the trend of general decline.
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