
Snap CFO Tim Stone Is Resigning - cribbles
https://techcrunch.com/2019/01/15/snap-cfo-tim-stone-is-resigning/
======
umeshunni
While Snap's poor product decisions and failing business are constantly called
out in the media, what I don't see covered as much about the company is that
their executives managed to massively enrich themselves by paying themselves
huge bonuses right before the IPO and subsequent stock collapse.

Their "Chief Strategy Officer" Imran Khan: $100M+

[https://www.businessinsider.com/snap-ceo-evan-spiegel-cfo-
im...](https://www.businessinsider.com/snap-ceo-evan-spiegel-cfo-imran-khan-
big-stock-award-bonuses-2017-2018-2)

CEO Evan Spiegel": $637M+ (3rd highest CEO payout ever)
[https://techcrunch.com/2018/02/22/snap-ceo-evan-spiegel-
got-...](https://techcrunch.com/2018/02/22/snap-ceo-evan-spiegel-
got-a-637-million-bonus-last-year/)

I'm surprised there hasn't been an investor lawsuit/class action yet. The
whole thing seems like a massive pump and dump scam.

~~~
harryh
My understanding is that Evan's bonus was agreed upon years in advance when
Snapchat turned down FB's various offers. The investors, represented by the
board, wanted him to go for a large, somewhat risky, IPO instead of taking a
sure thing and incentivized Evan to do so.

~~~
kuhhk
If true, this should be in their S-1 SEC filing right?

~~~
umeshunni
It is in their S-1 (page 135):
[https://www.sec.gov/Archives/edgar/data/1564408/000119312517...](https://www.sec.gov/Archives/edgar/data/1564408/000119312517029199/d270216ds1.htm#rom270216_13)

What's interesting is that these execs, including the founder/CEO got
renegotiated packages just before the IPO.

------
Mizza
Snap is the living dead now. No users left after boneheaded redesign, all
their ads running are promoting their competitors, employees I know are
basically pulling the copper wire out of the walls.

Abandon ship!

Also, will somebody please make a simple private picture app for grown-ups?
I'd love to be able to share stuff with my sig other/parents/grandparents -
and that's it. I can't recommend SnapChat in the state it's in now.

~~~
rconti
I have about 10 family members on an Apple Photos shared album, whatever the
latest name is. iCloud, probably. Not cross-platform though, obviously.

~~~
zapzupnz
I’m pretty sure Apple still lets people consult iCloud photo albums through a
website.

~~~
uptown
Yes - but it's a public site for anyone with the link.

------
code4tee
They’re a public company whose income over the last several quarters is
consistently near or less than the negative inverse of their revenue. You
don’t need an MBA to know that even by bubble standards that ain’t good.

They would literally have a more profitable business selling dollar bills for
a quarter.

~~~
gamma-male
An income cannot be negative

~~~
goliatone
I think yours is a pretty accurate summary of OP

------
seibelj
My wife, who is obsessed with clickbait and loves buying nonsense-products
from ads, recently quit Snapchat to use Instagram exclusively. That was my
signal to double-down on SNAP puts. Straight to the bank!

~~~
ravenstine
> My wife, who is obsessed with clickbait and loves buying nonsense-products
> from ads

Have you ever confronted her about that? Such behavior would be hard for me to
tolerate, especially if it meant money out the window.

~~~
perfmode
I couldnt care less about my SO’s web browsing habits. Maybe I’m different.

------
pavlov
Prediction: Snap’s stock price will tumble down over the next two years to
around $1, at which point it will be acquired by Verizon Media.

------
foobaw
Is Snap actually dying? I recall there were similar news for Apple,
Facebook(debatable on their current state) etc, but they rebounded back up.

Maybe this is the time to buy low and make it big (when everyone is doubting
them). It'll be interesting to see.

~~~
opencl
They released a horrendous UI redesign and user count has been dropping for
two quarters in a row now. IG's Stories feature (basically a snapchat clone)
has 2x the active users of Snap and IG as a whole has over 5x the active
users, and they are still growing while Snap is shrinking.

They've been operating for over 7 years and have yet to turn a single
quarterly profit. With negative growth the past two quarters it's looking
increasingly unlikely they'll ever be profitable.

------
paulie_a
I can't believe an app that is primarily meant for sharing nudity and more
recently brand whoring had an IPO.

Oh I forgot about adding weird furry ears to photos for some reason.

------
gammateam
1 year cliff, non-news

Still bad news for Snap confidence, of course

edit: didn't make it 1 year, whoops hope they got the golden parachute
negotiated in

~~~
shanghaiaway
Useless comment.

Lasted 8 months at Snap, 20 years at Amazon. Something is clearly wrong with
Snap, and it's their CEO.

~~~
mrandish
I'm gonna have to agree with you on that. Successful 20 year veteran execs
don't make big leaps lightly. Pulling the plug this quick is a very bad sign
and you can't really blame "creative differences" or disagreements over
control. In a public company the CFO role is well-defined and not subject to
much creative opinion.

At a certain point you gotta start blaming the guy at the top.

