Snap Inc. CFO Departs, New CFO Appointed

TL;DR

Snap's CFO is out, new guy in. Stock reaction TBD.

AI Summary

Snap Inc. announced on September 12, 2024, the departure of its Chief Financial Officer, Derek Andersen, effective September 13, 2024. The company also appointed Michael Levin as the new CFO. Additionally, Snap Inc. filed its financial statements and exhibits as part of this report.

Why It Matters

A change in CFO can signal shifts in financial strategy or performance, impacting investor confidence and the company's stock valuation.

Risk Assessment

Risk Level: medium — A CFO departure can introduce uncertainty regarding financial leadership and future strategy.

Key Players & Entities

• Snap Inc. (company) — Registrant
• Derek Andersen (person) — Departing Chief Financial Officer
• Michael Levin (person) — Appointed Chief Financial Officer
• September 12, 2024 (date) — Date of earliest event reported
• September 13, 2024 (date) — Effective date of CFO departure

FAQ

From the Filing

0001193125-24-218871.txt : 20240913 0001193125-24-218871.hdr.sgml : 20240913 20240913161631 ACCESSION NUMBER: 0001193125-24-218871 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240912 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240913 DATE AS OF CHANGE: 20240913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Snap Inc CENTRAL INDEX KEY: 0001564408 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] ORGANIZATION NAME: 06 Technology IRS NUMBER: 455452795 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38017 FILM NUMBER: 241297951 BUSINESS ADDRESS: STREET 1: 3000 31ST STREET CITY: SANTA MONICA STATE: CA ZIP: 90405 BUSINESS PHONE: (310) 399-3339 MAIL ADDRESS: STREET 1: 3000 31ST STREET CITY: SANTA MONICA STATE: CA ZIP: 90405 FORMER COMPANY: FORMER CONFORMED NAME: Snapchat Inc DATE OF NAME CHANGE: 20121211 8-K 1 d564061d8k.htm 8-K 8-K Snap Inc false 0001564408 0001564408 2024-09-12 2024-09-12     UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 13, 2024 ( September 12, 2024 )     SNAP INC. (Exact name of Registrant as Specified in Its Charter)       Delaware   001-38017   45-5452795 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)   3000 31st Street Santa Monica , California     90405 (Address of Principal Executive Offices)     (Zip Code) Registrant’s Telephone Number, Including Area Code: (310) 399-3339 Not Applicable (Former Name or Former Address, if Changed Since Last Report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Class A Common Stock, par value $0.00001 per share   SNAP   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 12, 2024, our board of directors approved an increase to the size of the board from ten to eleven members and appointed Jim Lanzone to fill the newly created vacancy. Mr. Lanzone will serve until the earlier of (a) the next a