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Snap, Snapchat's parent company, revealed Tuesday that it was losing its chief financial officer, Tim Stone, after just eight months. In a case filed with the SEC, Snap said Stone's release was due to his desire to "pursue other opportunities," and the news of his departure sent his action to ruin.
Now, Bloomberg has announced that Stone 's departure comes after the return of his CEO, Evan Spiegel, to ask for more money.
Sources told Bloomberg that Stone had appealed directly to the council for a "significant increase". Bloomberg and FT report that his salary, when he joined the company just eight months ago, rose to $ 500,000 a year, plus restricted stock units. an initial value of $ 20 million.
Read more: Here are 20 top executives who have abandoned Snap since it went public less than 2 years ago
The board of directors reportedly rejected Stone's request, but Bloomberg notes that he would have had little power to give him an increase, since Spiegel and his co-founder Bobby Murphy hold the majority of the votes in the company .
This decision would have encouraged the animosity between Spiegel and Stone and caused his departure. In an earlier statement to Business Insider, Snap had stated that Stone would remain in place until the company's fourth quarter call and its annual results on Feb. 5, to ease the transition.
Bloomberg and the FT also said that after Snap's departure from CFO, Imran Khan, Stone was hoping to fill his position. Instead, Spiegel hired two outsiders, Jeremi Gorman and Jared Grusd, as Chief Business Officer and Chief Strategy Officer to share Khan's tasks.
Business Insider has contacted Snap for a comment.
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