Snapchat's parent company, Snap Inc., receives a new CFO.
Andrew Vollero, the company's first chief financial officer, resigns, the company said on Monday in a financial filing. He will be replaced by Tim Stone, an experienced Amazon manager.
Vollero's departure comes after a turbulent year for Snap since going public in March 2017. It has been under sustained pressure from Facebook, and after announcing that it could not meet analysts' expectations for the first quarter of 2018, its shares were up to 17%.
Now, a week later, it brings a new CFO offering a hefty paycheck. Stone, 51, receives an annual salary of $ 500,000 plus $ 20 million in restricted stock shares and 500,000 options to purchase Class A shares.
Snap said in his application that Vollero is due to disagreements with the company or any accounting-related matters, operations of strategy at Snap. Vollero will remain with Snap as a Non-Employee Advisor until August, earning his regular salary. Vollero will also receive a payment of an annual salary that was $ 450.00 at the end of last year, and all of its unissued shares will become vested.
In a statement, CEO Evan Spiegel of Vollero said: "I am deeply grateful for Drew and his many contributions to Snap's growth … He did a great job as Snap & # 39; s first CFO, building a strong team and helped We will be guided on the way to the listed company The discipline he has brought into our company will lead us into the future We wish Drew continued success and all the best. "
A story of big payouts
Stone's significant stock price pales in comparison to a portion of the compensation Snap has previously paid out to other senior executives. In 2017, the year Snap went public, Spiegel received a huge stock price of $ 637 million, in addition to a salary of just under $ 100.
Chief Strategy Officer Imran Khan has now received $ 400,000 and received $ 100 million in stock prices. And General Counsel Michael O. Sullivan received a salary of $ 202,000, a $ 200,000 bonus, and $ 16 million in stock bonuses.
Snap has lost money in the last three years.
Vollero was appointed CFO in February 2016 and previously served as VP of Finance a year earlier.