Snap is facing a pair of notable executive departures. Cheddar reports today that Snap has lost both its Chief Financial Officer and Vice President of Investor Relations after less than a year.
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In an SEC filing today, Snap announced that its CFO Tim Stone was is resigning after less than a year at the company. Prior to joining Snap last May, Stone worked at Amazon for 20 years. In a memo obtained by Cheddar, Snap CEO Evan Spiegel said that Stone’s departure is “not related to any disagreement” with the company on things like “accounting, management, operations, policies, regulatory matters, or practices.”
Further, Snap confirmed today that its VP of Investor Relations, Kristin Southey, left the company in November after less than four months on the job. While this departure had been previously reported, today is the first time Snap officially confirmed it. The company did not offer color on why Southey left the company, but earlier reports suggested it was due to “personal reasons.”
On news of these departures, Snap’s stock plummeted by nearly 8 percent in after-hours trading. The stock now sits at $6.07 per share, down significantly from its IPO price of $17.
Snap has faced a string of bad news recently. The company is still trying to bounce back after a controversial and confusing app redesign. It also continues to face strong competition from Instagram, which has copied many Snapchat features with huge success.
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