A multimedia messaging app, Snapchat announced that Amazon veteran Tim Stone appointed as company's new CFO. Tim Stone, who had led the integration of the online retailer's $13.7-billion Whole Foods acquisition would replace Andrew Vollero.

Snap's shares, which have lost 24 percent of their value since reporting last Tuesday, were up more than 1 percent at $10.86 at $10.91 in extended trading on Monday. Snap Chief Executive Officer, "Vollero has done an amazing job as Snap's first CFO, building a strong team and helping to guide us through our transition to becoming a public company."

In March 1998, Tim Stone joined E-commerce platform Amazon. From August 2017 until February 2018, he served as vice-president of the physical stores. From May 16 Tim Stone will take charge and oversee all the responsibilities of CFO while Vollero will act as an adviser until August 15. Vollero will receive an amount equal to one year of his base salary. He is leaving to pursue other opportunities, who guided Snap's transition to a public company.

Tim Stone's appointment comes a week after Snap reported quarterly results that disappointed Wall Street following a recent redesign of its Snapchat messaging app.

Summit Insights Group analyst Jonathan Kees said, "I think somebody had to take the blame for SNAP's missing numbers and there was likely frustration with both the CFO and management team."