*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.”
PLUS: American Eagle marks 30 NYSE years with a record stock high. CMO Craig Brommers discusses Gen-Z trends and collabs with Coco Gauff and Trevor Lawrence.
The Verge's Emma Roth joins Cheddar to discuss the iPhone 16, Apple Watch upgrades, all things Airpods and Apple Intelligence. But is it worth the hype? Watch!
The U.S. added 142,000 jobs in August, below expectations. The unemployment rate fell to 4.2%. The cooling job market raises chances for an interest rate cut.
