Snapchat Hires Former Mattell Exec to Grow Revenue, Prep for IPO
Snapchat has hired former Mattel finance executive Drew Vollero as SVP of finance and acting chief financial officer. Snapchat has ben looking to hire a new CFO since last year, and may eventually give Vollero the job in earnest.
News of the hire was first reported by the Wall Street Journal Tuesday, which quoted a Snapchat spokesperson saying that the company has “every expectation” that Vollero will eventually become permanent CFO.
Vollero’s job at Snapchat will include growing the company’s revenue, which reportedly is to hit $50 million this year. But he could also get Snapchat in shape for a public offering: Snapchat CEO Evan Spiegel has talked for some time about plans to go public. The company hasn’t revealed the timing for an IPO, and may decide to postpone such plans in light of the current market volatility.
Vollero was with Mattel for 15 years, and before worked for Taco Bell and Yum! Brands.
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