Snapchat hires a $20 million CFO from Amazon

Snapchat is replacing its chief financial officer with a 20-year veteran of Amazon - and giving him more than $20 mil...

Posted: May 8, 2018 6:05 PM
Updated: May 8, 2018 6:05 PM

Snapchat is replacing its chief financial officer with a 20-year veteran of Amazon - and giving him more than $20 million to help fix the company.

Wall Street liked the idea. Shares of Snap Inc., the parent company of Snapchat, rose nearly 2% on Tuesday.

Snap's new CFO will be Tim Stone, who has worked for Amazon since March 1998. He was most recently vice president of finance, but he also briefly ran the company's physical stores, including the integration of Whole Foods after Amazon bought it last year.

Wall Street has been wondering whether Evan Spiegel, Snap's co-founder and CEO, needs a veteran tech executive to get the company back on track and be the so-called adult supervision - sort of like Sheryl Sandberg at Facebook or Eric Schmidt when Google went public.

Snap's latest earnings report showed continued losses and sluggish user growth. The company's recent redesign ticked off some of its high-profile celebrity users. And Snap is falling further behind Instagram, owned by Facebook, which keeps copying Snapchat features and gaining more users.

Shares of Snap are nearly 35% below their price when the company went public last year, and more than 60% below their all-time high.

Related: Snapchat needs to grow up

Snap still has no chief operating officer, but Stone could help the company regain credibility with investors.

Snap is certainly paying him a lot of money to try to make that happen.

The company said in a regulatory filing that Stone, who starts as CFO on May 16, will be paid an annual salary of $500,000. He will also receive restricted stock units worth $20 million and 500,000 options to buy Snap stock - worth $5.5 million at its current price.

Amazon had no comment about Stone's departure or what his salary was there. Stone was not senior enough that Amazon would have had to disclose how much he held in Amazon stock options.

Stone will replace Andrew "Drew" Vollero, who joined Snapchat from the toymaker Mattel in 2015.

Snap said in its SEC filing that Vollero will receive one year of full salary and COBRA insurance premiums in one lump sum, and that the company will accelerate the vesting of his restricted stock units in the company.

It wasn't clear how much restricted stock he had. Vollero was paid $450,000 salary last year.

Related: Snapchat redesigns app again. Stock plunges

"I am deeply grateful for Drew and his many contributions to the growth of Snap," Spiegel said in the regulatory filing. "He has done an amazing job as Snap's first CFO."

Snap did not give a reason for Vollero's departure or say whether he had another job lined up. Snap merely said it was "not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, or practices."

West Lafayette
Clear
52° wxIcon
Hi: 68° Lo: 40°
Feels Like: 52°
Kokomo
Clear
47° wxIcon
Hi: 64° Lo: 37°
Feels Like: 44°
Rensselaer
Clear
46° wxIcon
Hi: 63° Lo: 37°
Feels Like: 41°
Fowler
Clear
46° wxIcon
Hi: 64° Lo: 38°
Feels Like: 41°
Williamsport
Clear
48° wxIcon
Hi: 66° Lo: 40°
Feels Like: 45°
Crawfordsville
Clear
46° wxIcon
Hi: 67° Lo: 41°
Feels Like: 43°
Frankfort
Clear
47° wxIcon
Hi: 65° Lo: 38°
Feels Like: 43°
Delphi
Clear
47° wxIcon
Hi: 65° Lo: 38°
Feels Like: 44°
Monticello
Clear
47° wxIcon
Hi: 64° Lo: 38°
Feels Like: 44°
Logansport
Clear
46° wxIcon
Hi: 64° Lo: 36°
Feels Like: 44°
Bright and Breezy with Unseasonably Cooler Conditions.
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 108646

Reported Deaths: 3478
CountyConfirmedDeaths
Marion20341757
Lake10013312
Elkhart6198106
St. Joseph586796
Allen5785198
Hamilton4600109
Vanderburgh318126
Hendricks2607120
Monroe224336
Johnson2241122
Tippecanoe211313
Clark205056
Porter197843
Cass19209
Delaware180159
Vigo169621
Madison153075
LaPorte134837
Floyd127961
Howard125163
Kosciusko116717
Bartholomew113257
Warrick104134
Marshall97423
Boone93846
Dubois92118
Hancock89242
Noble86432
Grant85132
Henry73424
Jackson7259
Wayne72214
Morgan68038
Shelby65529
LaGrange62811
Daviess61627
Dearborn61428
Clinton59111
Harrison54824
Putnam5098
Lawrence49928
Montgomery49421
White47114
Knox4659
Decatur44739
Gibson4344
DeKalb42511
Miami4202
Greene40935
Fayette40413
Jasper3732
Scott34410
Steuben3447
Sullivan32612
Jennings30512
Franklin29225
Posey2900
Clay2855
Orange27924
Ripley2768
Carroll26713
Wabash2547
Washington2491
Whitley2456
Wells2422
Starke2387
Jefferson2363
Adams2303
Fulton2292
Tipton21522
Huntington2073
Randolph2047
Perry20014
Spencer1984
Jay1640
Newton16411
Owen1621
Martin1560
Rush1484
Pike1331
Vermillion1210
Fountain1152
Pulaski1121
Blackford1072
Crawford980
Brown933
Parke902
Benton880
Union760
Ohio757
Switzerland660
Warren381
Unassigned0225

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events