Snapchat's parent company is losing its CFO after less than a year, and the stock is sinking
Tim Stone, the CFO of Snapchat parent company Snap, is quitting.
On Tuesday, the exec notified the beleaguered messaging app company of his intention to quit "to pursue over opportunities," Snap said in a SEC filing. Snap is down roughly 6% in after-hours trading following the news.
Snapchat has struggled in recent years as Facebook-owned Instagram aggressively cloned its features, siphoning off users and stifling the app's growth.
Stone had joined Snap less than a year ago, in May 2018, following a disastrous quarter for the company.
Here's what Snap said:
"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). 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."
This story is developing...