Snap stock was failing hard on Wednesday following news that the company is losing another CFO.
Snap (NYSE:SNAP) CFO Tim Stone is going to be leaving the company in the near future. The exact reason for his departure is unknown and Snap claims it is simply to “pursue other opportunities.”
While Tim Stone’s departure is a blow to SNAP stock, he isn’t leaving the company just yet. Stone has agreed to stay on with Snap to assist it with finding its next CFO to take his place. The company notes that this has his final day with the company still up in the air.
“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),” Snap says in an SEC filing.
It isn’t just Tim Stone leaving that has SNAP stock dropping today. Part of the decline has to do with its frequent loss of top executives over the last couple of years. Adding to that is the fact that Stone was only the CFO of Snap for eight months before deciding to leave the company.
SNAP stock has been performing poorly ever since its IPO back in March 2017. The stock is down 75% since it went public. The negative news today also has the stock down another 11% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
