Snapchat CFO departs after less than a year on the job
Snapchat is losing its chief moneyman, the latest in a string of high-profile departures in the past year that dented the company's stock price on Tuesday.
Tim Stone, Snapchat's chief financial officer, was on the job less than a year when he handed in his resignation on Tuesday, Snapchat announced in a regulatory filing required of public companies. Snapchat was careful to note that Stone's departure was not an indication of any malfeasance.
"Tim Stone, our chief financial officer and principal financial officer, notified us of his intention to resign to pursue other opportunities," Snapchat's filing said. "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)."
Snapchat is expected to announce fourth quarter results on Feb. 5, and is still tying up the accounting for the period. Snapchat says its ad earnings for the fourth quarter are expected to meet the high end of its forecast given in the third period.
"We are finalizing our fourth quarter 2018 financial results and expect to report revenue and Adjusted EBITDA results that are slightly favorable to the top end of our previously reported quarterly guidance ranges for each," a Snapchat spokesman said in an emailed statement.
Snapchat forecasted revenue between $355 million and $380 million for the fourth quarter, representing an increase of between 24 percent and 33 percent year over year. Revenue was $298 million in the third quarter.
Over the past 12 months or so, Snapchat has lost a string of top executives at the same time it's trying to recharge the business, which has not grown as fast as investors hoped. Last year, CEO Evan Spiegel's top lieutenant Imran Khan left, as did Stone's predecessor, Andrew Vollero, and Mary Ritti, the communications head. Just this week, the head of human resources Jason Halbert resigned after a tenure in which he was accused of making staffers uncomfortable with crude talk.
Spiegel addressed employees in a memo on Tuesday, thanking Stone: "Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work. I know we have all benefitted from his customer focus and the way he has encouraged all of us to operate as owners."
Under Stone's tenure, Snapchat's stock price has dropped more than 35 percent. Snapchat's stock took a hit following today's announcement, down more than 8 percent in after-hours trading.