Business General News Technology

Snap, the parent company of Snapchat announces the resignation of its CFO Tim Stone

Earlier on Tuesday, January 15th, Tim Stone, the CFO of Snapchat parent company Snap, announced his resignation from the company.

In an SEC filing, the beleaguered messaging app company announced the decision of Mr. Stone also revealing  his intention to quit “to pursue over opportunities,” 

As soon as the news was out, stock price of Snap dropped by nearly 6% in after-hours trading.

Back in early 2018, Snap had to go through a disastrous quarter during when Stone joined less than a year ago, in May 2018.

The official statement posted by Snap reads as follows:

“We were notified by Tim Stone, our Chief Financial Officer and principal financial officer on January 15, 2019, about his intention to resign to pursue other opportunities. It has been confirmed by Mr. Stone that this transition is not related to any disagreement with us on any matter relating to our management, accounting, operations, strategy, regulatory matters policies, or practices (financial or otherwise). Mr. Stone’s last day has not been determined. In a bid to search for a replacement, Mr. Stone will continue to serve as Chief Financial Officer and an effective transition of his duties, including through our scheduled full year 2018 financial results announcement.”