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Snap replaces chief financial officer with Amazon exec

Snap Inc. said Monday that Chief Financial Officer Andrew Vollero is leaving the company, and will be replaced by an executive from Amazon.com Inc. In a regulatory filing Monday afternoon, the Snapchat parent company said that Snap and Vallero “agreed that he will depart Snap” as of May 15, and stay on as an adviser through Aug. 15. “I am deeply grateful for Drew and his many contributions to the growth of Snap,” Chief Executive Evan Spiegel said in the filing. “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.” Vallero will be replaced by Tim Stone, who has been with Amazon since 1998 and has served as vice president of finance since 2010. Snap stock gained in after-hours trading following the announcement, increasing about 2% after closing with a 0.5% decline at $10.74. Snap stock took a beating last week after the company announced earnings, and have now dropped 26.5% in 2018, as the S&P 500 index has declined 0.4%.

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