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Snap CFO’s Exit Followed Request to Board for More Money

  • Stone went around Spiegel to seek a raise, people say
  • Executive also sought promotion to Khan’s former strategy job
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Snap Slumps After Second CFO Departure in a Year
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Snap Inc. Chief Financial Officer Tim Stone, whose resignation after just eight months in the job roiled the social-media company’s share price, left after a dispute with management 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.