Snap Just Named a New CFO

Snap, the parent company of the world renown app Snapchat, has named Derek Andersen as CFO this week.

Andersen is the replacement for Tim Stone, who served as Snap’s CFO for under a year. He has served as the company’s vice president of finance since July.

Andersen has also spent seven years at Amazon, where he was also vice president of finance after briefly being finance director. Before Amazon he worked at Fox Interactive Media.

“Derek has played a critical role in building our finance function since joining Snap almost a year ago, as well as leading our cost efficiency initiatives and strategic planning processes,” Snap CEO Evan Spiegel stated.

“We’re confident that Derek brings important stability to this vital role, given his strong financial expertise and impressive accomplishments working together with our team,” Spiegel also said. “I’ve long admired Lara’s approach to building culture and managing talent, so when she asked me for the opportunity to focus on People I was thrilled for her to step into this role,” he added.

When Stone left the company, shares of Snap had dropped 14%.

Disclaimer: We have no position in Snap Inc. (NYSE: SNAP) and have not been compensated for this article.