*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.”
Google is moving forward with its previously-announced plan to delete inactive accounts and all associated data.
Federal regulators are investigating Chevrolet Volt hybrid cars after some drivers reported issues including sudden power loss and failure to restart.
Fed Chair Jerome Powell weighed in on interest rates, some of Tesla's cybertrucks have been delivered, Apple and Paramount have reportedly discussed bundling their streaming services together and Panera Bread has reportedly filed to go public.
Accounting firm PWC is facing a $7 million fine from U.S. regulators.
Build-A-Bear Workshop has been one of the most recognizable and beloved toy brands in the world since opening in 1997. Sharon Price John, CEO of Build-A-Bear Workshop, spoke with Cheddar News about its plans for the holiday season this year as well as the company's first animated feature film.
Pfizer will stop the development of its twice-daily weight loss pill due to adverse side effects.
Stocks were generally flat after the opening bell on Friday ahead of Federal Reserve Chair Jerome Powell's comments in a speech at Spelman College later. Investors are growing optimistic that the central bank is done raising rates and may start cutting next year.
Holiday shopping on a budget.
The network of nearly 4,800 fake accounts was attempting to build an audience when it was identified and eliminated by the tech company, which owns Facebook and Instagram.
Tesla Beginning Cyber Truck Deliveries Today
