Tech Brief: Snap Stock Nosedives 11% After CFO Tim Stone Quits Less Than One Year Into His Job

Snap Inc. is not having it easy these days. What with Facebook relentlessly copying Snapchat's features onto Instagram and WhatsApp, facing user backlash over its ill-conceived app redesign, the latest news of CFO Tim Stone's exit is sure to add fuel to the fire. Stone is the second CFO to resign in eight months, after longtime Amazon executive Andrew Vollero left the company last May, and follows a string of about 20 senior management departures since the company went public less than two years ago in March 2017.

Update on Jan. 17: Bloomberg is reporting that Tim Stone left the company after a dispute over pay: "Stone went around Chief Executive Officer Evan Spiegel to ask Snap's board directly for a significant raise, according to people with knowledge of the matter. The incident sparked tension between the two, resulting in Stone's departure. Stone also asked to be promoted into a chief operating officer-type role, after the departure of strategy chief Imran Khan at the end of last year, said the people, who asked not to be identified discussing internal matters. Spiegel instead hired two outsiders: Jeremi Gorman as chief business officer and Jared Grusd as chief strategy officer."