Snap Inc. SNAP -0.46% Chief Financial Officer Drew Vollero is stepping down, leaving the social-media company that has struggled since he helped take it public last year, the company said in a securities filing.
Mr. Vollero has decided to pursue other opportunities, a spokesman for Snap said. Mr. Vollero’s last day as CFO is set to be May 15.
Snap’s shares are hovering near an all-time low. The redesign of the company’s flagship Snapchat app has failed to reignite growth for the company, and Snap has struggled to take a bigger piece of the budget advertisers spend on Facebook Inc. and Alphabet Inc.’s Google. Mr. Vollero joined Snap’s finance team nearly three years ago when it was only five people and running on Quickbooks, according to a spokesman for Snap.
“I am proud of all that the finance department has accomplished leading up to the IPO and work done to streamline the company,” Mr. Vollero said in a statement. “The financial strategies we have in place are gaining traction to grow margins, flatten costs, and reduce cash burn, and we have a talented finance team that can execute well.”
Tim Stone, vice president of finance at Amazon.com Inc., will take over starting May 16, the filing said. He joined Amazon in 1998, and has led the integration of the Whole Foods acquisition.
Mr. Vollero will remain as an adviser to help with the transition until Aug. 15.
Snap has lost a number of high-profile executives in the past year, including its head of sales Jeff Lucas in February, senior vice president of engineering Tim Sehn in November and general counsel Chris Handman in July.
Write to Georgia Wells at Georgia.Wells@wsj.com