Snap CFO Andrew Vollero To Step Down; Names Tim Stone CFO

(RTTNews) - Snap Inc. (SNAP) disclosed in a regulatory filing that its Chief Financial Officer Andrew Vollero will depart the company. But he will continue to serve as Chief Financial Officer until May 15, 2018, and will transition to a non-employee advisor through August 15, 2018 to ensure an effective transition of his duties and responsibilities. Under the transition agreement, Vollero will receive one year of his current base salary and one year of COBRA premiums together in one lump sum, and we will accelerate vesting of all unvested restricted stock units held by him. While he serves as advisor, Mr. Vollero will be paid the same base rate that he received as Chief Financial Officer at the time of his departure.

Vollero has confirmed that this transition is not related to any disagreement with the company on any matter relating to accounting, strategy, management, operations, policies, or practices.

The compensation committee of the board of directors appointed Tim Stone as Chief Financial Officer with an expected start date of May 16, 2018. Stone will have an annual salary of $500,000. In addition, Mr. Stone will be awarded restricted stock units with a value of $20 million and 500,000 options to purchase shares of our Class A common stock, all of which are subject to time-based vesting.

Tim Stone, age 51, has been employed at Amazon.com Inc. since March 1998. Mr. Stone currently serves as Vice President of Finance and served as Vice President of Physical Stores from August 2017 until February 2018. Prior to that, Mr. Stone served as Vice President of Finance from May 2010 until August 2017 in different roles overseeing financial planning and analysis, investor relations, and various businesses, including Amazon Web Services & Digital Content and Amazon Devices and eBooks.