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Business

Snap Finance Chief connects Executive Exodus




Snap


SNAP 3.65%

Finance Director Tim Stone leaves less than a year at work, deepening the turmoil on top of the Snapchat parents as it struggles to keep users.

Mr. Stone did not announce its plans, but will continue as CFO to assist with the search for his successor and the transition, the company said in a security filing Tuesday. His last day has not been determined.

A spokesman for Snap refused to comment beyond the company's securities deposit. In a note to employees, CEO Evan Spiegel said Mr. Stone had "made a big impact in a short time" and that the company has learned from his "customer focus and the way he has encouraged us to operate as owners."

MR Stone joined Snap in May after about 20 years at Amazon.com Inc., where he last served as CFO, joining the online store giant in 1[ads1]998 and leading the integration of the Whole Foods acquisition.

His tenure at Snap, based on in Santa Monica, California, came on a rocky time for the company as it struggled to prove its residency after March 2017 the first public offering of shares, a redesign mastered by Mr. Spiegel last year by users, and shares have fallen to new

Snap's revenue increased 43% to $ 297.7 million in the third quarter, however, the parent company reported to Snapchat's announcement that the number of people logging in daily declined by two million to 186 million.

Shares in Snap,which rose 3.7% on Tuesday, was beyond 7% in hindsight trading after the securities file mentioned Mr. Stone's resignation.

The surprise exit comes in the midst of continued leading sales on Snap. A spokesman for the company said the human leader, Jason Halpert, left the company this week after four years. Snap also lost several professional staff last year, including Chief Strategy Officer Imran Khan. Mr. Khan said in September that he was leaving the company.

Snap has also received a summons from the Ministry of Justice and the Securities and Exchange Commission. Last month, The Wall Street Journal reported that the Federal Bureau of Investigation Agents asked former employees about the company's data collection and user statistics. In a written statement, the company said it believed that the Ministry of Justice was "now focused on our IPO information about the Instagram competition."

Mr. Stone leaves a large portion of his $ 20 million sign up bonus. The bonus included $ 19 million in limited stock units that would swap in equal monthly installments over 48 months from the start of the West, according to Snaps filing. He would also receive a $ 1 million new limited equity fund that would be western six months after the west start date.

The company has not made the west start date public. If it were to be Mr. Stone's start date on Snap, May 16, it would have been just $ 3.8 million.

Mr. Steins stint at Snap was unusual card. Technical bosses tend to stay in positions for about 4½ years, according to executive search company Crist | Kolder Associates. "For a talented CFO to go after just eight months, he or she suggests being surprised by what they found," said Peter Crist, head of the company.

Analysts have said that the turmoil on the top seems to weigh on the company. "There is a turning door that happens in senior management," said Brent Thill, an analyst at Jefferies who follows Snap.

Mr. Thill said it was unclear whether the corporate culture or vision of the company was behind the management. "Snap has an opportunity to pull out of a tailspin that it is in, but the CEO needs to act quickly," he said.

Write to Yoree Koh at yoree.koh@wsj.com and Tatyana Shumsky at tatyana.shumsky@wsj.com



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