Snapchat-owner Snap Inc said Tim Stone, an Amazon.com Inc veteran who had led the integration of Whole Foods acquisition, would replace Andrew Vollero as Chief Financial Officer. Stone, 51, has been with Amazon since March 1998 and led the online giant's physical stores until February 2018, according to a regulatory filing from Snap. Stone will take charge on May 16, while Vollero will remain as an adviser until August 15.
"He (Vollero) 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," Snap Chief Executive Officer Evan Spiegel said. Stone will have an annual salary of $500,000, according to the filing.
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The appointment comes a week after Snap's quarterly results failed to enthuse Wall Street. A recent redesign of its Snapchat messaging app had turned off some long-time fans and advertisers. Snap's shares were up nearly 1.6 percent at $10.91 in extended trading on Monday.
Recently, Instagram has announced several features in an attempt to take on Snapchat. The Facebook-owned photo-sharing app has introduced video calling for its users, a feature which Snapchat already offers to its user base. In addition, Instagram has started rolling out a payments feature for its select users to enable in-app purchases. Recently, Instagram has also been spotted with new 'musical stickers' for its Stories.
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