Snapchat’s chief financial officer leaves after nine months in latest executive departure

Snapchat's chief financial officer leaves after nine months in latest executive departure

Snap’s chief financial officer Tim Stone has resigned after less than a year, the latest in a string of high-profile exits. 

The parent company of the messaging app Snapchat said Mr Stone had resigned on Tuesday and wished to “pursue other opportunities”. Its share price fell by 8pc following the announcement.

The news follows a number of executive departures, including most recently its head of HR.

Mr Stone has been at the company for just nine months after joining from Amazon, where he had worked for 20 years. 

“Mr Stone has confirmed that this transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise),” Snap said.

Snap also said that it expects to report financial results slightly better than expected in the coming weeks, but the news failed to prevent the share slide.

The company’s shares are near an all-time low amid falling user numbers, disappointing financial performance and the executive departures.

A mishandled redesign last year and competition from Instagram have also held it back. Snap’s chief executive Evan Spiegel, in an email to employees, said Stone had “made a big impact in his short time on our team”.

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