Snap Inc shares fall on CFO departure

Snap Inc shares fall on CFO departure


The Snap chief financial officer is quitting from the group, less than a year after starting.

Tim Stone will be leaving the tech company in order to pursue other opportunities,” said Snap in a SEC filing. 

“On January 15, 2019, Tim Stone, our Chief Financial Officer and principal financial officer, notified us of his intention to resign to pursue other opportunities. 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),” said Snap in a statement. 

“Mr. Stone’s last day has not been determined. Mr. Stone will continue to serve as Chief Financial Officer to assist in the search for a replacement and an effective transition of his duties, including through our scheduled full year 2018 financial results announcement.”

Following the news, shares in the group tumbled 8%.

Stone is the latest in a series of high profile positions that have left the group. Last year, Vice President of Marketing Steve LaBella, the Chief Strategy Officer Imran Khan and Human resources chief, Jason Halbert all resigned.

In the filing released on Wednesday, the group said they would post Q4 earnings on February 5, which are expected to be towards the top end of earnings guidance.

Shares in the group (NYSE: SNAP) are currently trading -0.15% at 1410GMT.