Snap CFO Drew Vollero to step down; to be replaced by Amazon’s Tim Stone

Social media firm Snap (SNAP) Monday said its Chief Financial Officer Drew Vollero will be leaving the company on May 15. It is the first major leadership change since the company went public last year. Snap has been fighting with the likes of Facebook (FB) to gain a foothold in the highly-competitive sector.

Vollero will be replaced by Amazon executive Tim Stone.  As per the transition agreement, Vollero will continue as a non-employee advisor to Snap through August 15, 2018, while Stone is expected to take over on May 16, 2018.

Most recently, Stone served as Vice President of Finance and Vice President of Physical Stores at Amazon, from August 2017 to February 2018. Earlier, he held the post of Vice President of Finance, after joining Amazon from Whole Foods when the company acquired the latter. At Snap, the primary focus will be on Stone’s experience in cloud services.

As per the transition agreement, Vollero will continue as a non-employee advisor to Snap through August 15, 2018

“I am deeply grateful for Drew and his many contributions to the growth of Snap. 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,” said Snap CEO Evan Spiegel.

Snap shares gained more than 1% in the after-hours Monday, recovering modestly from the heavy loss they suffered last week after publishing downbeat earnings results.