Snap shares drop 8% as CFO Tim Stone set to resign
His departure is not related to any disagreements with the company, according to CEO Evan Spiegel
Bengaluru — CFO Tim Stone will be leaving Snap less than a year after taking the job, the company said on Tuesday, the latest in a string of executive departures from Snap over the past year. Snap shares dropped 8% to $6.02 on Nasdaq in after-market trading. Stone’s departure is not related to any disagreements with the company, which owns popular photo-messaging app Snapchat, Snap said in a filing. Snap has faced high-profile troubles recently as it continues to grapple with a widely panned redesign of the Snapchat app, which was attributed to a decline in Snapchat users over the past two quarters. It has also struggled with high turnover in its top ranks. Former chief strategy officer Imran Khan and vice-president of content Nick Bell left the company in September and November, respectively. Snap also said in the filing it expects to report fourth-quarter revenue and adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) near the top end of its guidance. ...
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