January 28, 2019 / 10:09 PM / 20 days ago

Snap names Lara Sweet as interim CFO

FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson

(Reuters) - Snap Inc on Monday named its Chief Accounting Officer Lara Sweet as interim chief financial officer and said it has begun a search for a permanent CFO.

Sweet will take over from CFO Tim Stone who will leave the company on Feb. 5. Stone decided to quit earlier this month, less than a year after taking the job, adding to a string of departures from the owner of photo messaging app, Snapchat.

Snap has faced several troubles recently as it continues to grapple with a widely-panned redesign of the app, which was attributed to a decline in its users over the past two quarters.

Stone became the second finance chief to leave the company in a year since the much-criticized redesign of the app.

Several Wall Street analysts saw Stone’s departure as a loss of an experienced industry hand that would make it tougher for the company to hire and retain top executives. Snap shares had fallen 9 percent on the day Stone decided to quit.

No new compensatory arrangements have been entered into with Sweet in connection with her new role, Snap said in a filing, adding that she will report to Chief Executive Officer Evan Spiegel.

Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur

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