*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.”
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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
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