Snap Taps Top Amazon Exec For CFO

In a regulatory filing, Snap Inc. disclosed that the company’s chief financial officer Drew Vollero is leaving his role. Tim Stone, an Amazon executive, will be his replacement, Bloomberg reported.

“I am deeply grateful for Drew and his many contributions to the growth of Snap,” Chief Executive Officer Evan Spiegel wrote in an 8-K filing on Monday (May 7). “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.”

While Snap said Vollero will leave the company on May 15, his departure isn’t related to any disagreements over operations, accounting or other areas of its business. Vollero will be a non-employee advisor through August 15 to help with the transition.

Stone, who has worked for Amazon since 1998, has held several positions within the eCommerce retailer. He’s served as vice president of finance, for example, and he has supervised the integration of Whole Foods.

The news comes weeks after Snap reportedly laid off 100 employees.  According to news from Bloomberg citing people familiar with the matter, the additional layoffs represent the last step of the company’s restructuring process, which kicked off in the fourth quarter of 2017.

“Late last year, we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions,” Imran Khan, Snap’s chief strategy officer, said in a statement to Bloomberg. “Tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business.”

Earlier in March, Bloomberg reported that Snap laid off roughly 120 engineers, saying in an internal memo obtained by Bloomberg that it wanted to keep a high technical standard among its employees. Meanwhile, in January, it laid off around two dozen workers who were involved in the content side of Snap’s business.