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Snap’s new CFO is leaving after just 8 months

Tim Stone, who joined in May from Amazon, is leaving — and Snap doesn’t have a replacement.

Snap CEO Evan Spiegel
Snap CEO Evan Spiegel
Stephanie Keith/Getty Images

Snap CFO Tim Stone, who joined the company in May after nearly two decades at Amazon, plans to leave Snap to “pursue other opportunities,” according to a filing Tuesday with the Securities and Exchange Commission.

Stone’s end date hasn’t been determined, and he’ll “continue to serve as Chief Financial Officer to assist in the search for a replacement,” the company said, which means Snap doesn’t yet have a replacement.

In an attempt to alleviate concerns, Snap added that the company’s Q4 financial results, which haven’t yet been reported, will be “slightly favorable to the top end of our previously reported quarterly guidance ranges.” Wall Street still isn’t thrilled. Snap stock is down more than 8 percent in after-hours trading.

It’s concerning when any top-level executive leaves a company unexpectedly. It’s particularly concerning when that executive joined just eight months earlier and the company is already struggling to win over investors, which is very much the scenario for Snap.

Stone is the latest in a long line of important company executives to leave in recent months. Imran Khan, Snap’s chief strategy officer and No. 2 to CEO Evan Spiegel, announced his departure in September. Nick Bell, who oversaw the company’s Discover content section and partnership deals, announced his departure in November. Head of Communications Mary Ritti also left at the end of the year.

In an email to employees on Tuesday, Spiegel confirmed Stone’s departure. Here’s the email.

Hi Team,

I wanted to let you know that Tim Stone, our CFO, has decided to leave Snap.

Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work. I know we have all benefitted from his customer focus and the way he has encouraged all of us to operate as owners.

Tim will remain at Snap to help with the transition, including through our Q4 and full year earnings call on February 5th.

Tim’s transition 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).

Please join me in wishing Tim all the best in his future endeavors!

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