Shares of Snap (SNAP) - Get Report were rising in premarket trading after the social media company announced that Derek Andersen will take over as the company's new chief financial officer, taking over for interim finance chief Lara Sweet following the departure of Tim Stone.
Sweet will become Snap's chief people officer.
Andersen will report directly to CEO Evan Spiegel.
"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," Spiegel said.
Andersen has served as Snap's vice president of finance since July 2018. Previously, he worked at Amazon for seven years, most recently as vice president of finance supporting Amazon's digital video business.
Sweet joined Snap in 2016 and has served in multiple roles with Snap, including CFO, chief accounting officer and vice president controller.
Snap rose 1.7% in trading to $11.40.