The parent company of Snap, Snap Inc. hires Amazon’s executive. Snap Inc.’s previous chief financial officer was Andrew Vollero. Vollero happens to be the first chief financial officer.
Andrew Vollero is stepping down
According to a financial filing on Monday, Andrew Vollero is stepping down. As a result, the company has already hired a long experienced Amazon executive. Thence, the new chief financial officer (CFO) is Tim Stone.
Evan Spiegel about Andrew Vollero
One of the founders of Snapchat, Evan Spiegel said to The Financial Times, “He has done an amazing job as Snap’s first CFO, building a strong team and helping to guide us through our transition to becoming a public company. The discipline that he has brought to our business will serve us well into the future. We Drew continued success and all the best.”
Tim Stone’s Paycheck
However, since Snap Inc. went public in March 2017, Andrew Vollero had a turbulent year. The just-turned public company has faced tremendous pressure because of the rivalry with Facebook. Moreover, this new generation’s social media failed to meet analysts’ expectation for the first quarter in 2018. In fact, Snap Inc.’s share price decreased as much as 17%.
However, soon after the departure of Andrew Vollero, Snap brought announcing a large amount of salary. The former Amazon executive is to get a hefty paycheck of $500,000 annually. In addition to the eye-popping salary, he is to get $20 million in restricted stock units and 500,000 options to purchase Class A shares.