Snap Inc. appointed finance VP Derek Andersen as its new chief financial officer on Monday, taking over for Lara Sweet, who had served in an interim role since January.
Sweet has been promoted to chief people officer at the Snapchat parent company, where she will oversee human resources, management practices, and talent acquisition.
“I am thrilled to announce the promotions of Derek and Lara, which reflect their strengths as leaders,” Snap chief Evan Spiegel said in a statement. “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. 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.”
Andersen will directly report to Spiegel in his new role. Andersen, who holds an MBA from Cal, joined Snap last July after previous stints at Amazon and Fox Interactive Media.
His appointment comes months after former CFO Tim Stone resigned in January, less than a year after taking the job.
“I am honored to play a deeper role in ensuring that Snap is best positioned to create value for our community, partners, and investors over the long term,” Andersen said in a statement. “I look forward to continuing to work with our talented finance team and helping drive us along our path towards break-even.”
A user exodus, coupled with a poorly received app redesign, stifled Snap in 2018, but the company has enjoyed a better year to this point. Snap’s share price has nearly doubled since the beginning of 2019, as the company added 4 million users during Q1 and reported revenue growth of 39% year-over-year. Last month, Snap revealed several new shows and games its betting will drive increased time spent on the app — bringing in more ad dollars in the process.