*By Kavitha Shastry*
Shares of Snap rose after hours on news Amazon's Tim Stone will replace Drew Vollero as its chief financial officer.
Vollero, who has been with the company since 2015, will stay on as an adviser until mid-August. His departure is just the latest in a string of executive resignations at the company, which has struggled to find its footing since going public last March.
In its latest earnings report last week, Snap posted its lowest user growth rate on record, as a redesign to its app failed to generate the traction among its core consumer. The company posted a loss of 17 cents a share and revenues more than five percent below analyst estimates. The stock plunged to a record low after the report and closed Monday down 37 percent from its $17 IPO price.
Stone will take over as CFO on May 16 after 20 years with Amazon. He'd served as VP of finance at the e-commerce giant, having worked on last year's acquisition of Whole Foods and previously focusing on the company's expansion into physical stores.
Snap gave no reason for Vollero's leaving, nor any information on what he's doing next.
In a statement filed Monday, CEO Evan Spiegel said, “I am deeply grateful for Drew and his many contributions to the growth of Snap."
"He 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.”
Gregory Daco, chief economist at EY and Jordan Shapiro, senior managing director at Bachrach Group, break down February’s jobs report and what it means for workers.
Linda Moore, president and CEO of Technet, explains why the U.S. should be a leader in A.I., plus why deepfakes and misinformation could be a concern during the election season.
Steve Preston, president and CEO of Goodwill Industries International, shares how the organization’s programs have helped over 2 million people develop their tech skills.
Box office analyst Shawn Robbins breaks down how the theater business is faring as two of 2023’s biggest movies are on their way to the Academy Awards.
Burns McKinney, portfolio manager at NFJ Investment Group, discusses how the Fed is balancing recession risks and interest rate cuts, plus whether the tech rally will broaden.
Nick Wolny, CNet editor, tells consumers about BNPL being added to credit reports – and why they may want to be more cautious about using it as an option.
Co-founders of 1953 Tequila, Shivam Mallick Shah and Lindsey Davis Stover, share how they broke into the traditionally male-dominated world of tequila production.
