Home / Tag Archives: place

Tag Archives: place

Snap’s CFO is out and a veteran Amazon exec is taking his place

Snap Chief Financial Officer Drew Vollero is going to be leaving his post at the Snapchat parent company next week and will be replaced by Amazon VP of finance Tim Stone, according to financial documents filed with the SEC today. Vollero was the company’s first CFO and has presided over Snap finances since joining less than three years ago. Since going public a little over one year ago, Snap has endured some rather turbulent times on Wall Street. After opening at $24, the company’s lackluster user growth numbers and ruthless competition from Facebook has left the company trading below $11 currently. This follows a particularly rough quarterly earnings report last week that saw user growth crawl and left the stock price diving. Stone comes aboard after a whopping 20 years at Amazon, where he was most recently employed as the company’s VP of finance. When Stone joined Amazon, the stock price was hovering above $6; it’s now trading above $1,600, so it sounds like he’s doing pretty well. Nevertheless, Snap is giving him $20 million in RSUs and a base salary of $500,000, so it sounds like the good times are continuing. “I am deeply grateful for Drew and his many contributions to the growth of Snap,” CEO Evan Spiegel said in a statement. “He 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. The discipline that he has brought to our business will serve us well into the future. We wish Drew continued success and all the best.”  

Read More »

Snap’s CFO is out and a veteran Amazon exec is taking his place

Snap Chief Financial Officer Drew Vollero is going to be leaving his post at the Snapchat parent company next week and will be replaced by Amazon VP of finance Tim Stone, according to financial documents filed with the SEC today. Vollero was the company’s first CFO and has presided over Snap finances since joining less than three years ago. Since going public a little over one year ago, Snap has endured some rather turbulent times on Wall Street. After opening at $24, the company’s lackluster user growth numbers and ruthless competition from Facebook has left the company trading below $11 currently. This follows a particularly rough quarterly earnings report last week that saw user growth crawl and left the stock price diving. Stone comes aboard after a whopping 20 years at Amazon, where he was most recently employed as the company’s VP of finance. When Stone joined Amazon, the stock price was hovering above $6; it’s now trading above $1,600, so it sounds like he’s doing pretty well. Nevertheless, Snap is giving him $20 million in RSUs and a base salary of $500,000, so it sounds like the good times are continuing. “I am deeply grateful for Drew and his many contributions to the growth of Snap,” CEO Evan Spiegel said in a statement. “He 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. The discipline that he has brought to our business will serve us well into the future. We wish Drew continued success and all the best.”  

Read More »

GrokStyle’s visual search tech makes it into IKEA’s Place AR app

GrokStyle’s simple concept of “point your camera at a chair (or lamp, or table…) and find others like it for sale” attracted $2 million in funding last year , and the company has been putting that cash to work. And remarkably for a company trying to break into the home furnishing market, it landed furniture goliath IKEA as its first real customer; GrokStyle’s point-and-search functionality is being added to the IKEA Place AR app. What GrokStyle does, in case you don’t remember, is identify any piece of furniture your camera can see — in your house, at a store, in a catalog — and immediately return similar pieces or even the exact one, with links to buy them. I remember being skeptical last year that the product could possibly work as well as they said it did. But a demo shut my mouth real quick. The growing team is led by Sean Bell and Kavita Bala, who spun GrokStyle out of their work on computer vision at Cornell University — and it’s clear they know what they’re doing. GrokStyle’s tech in action grabbing an image from a catalog. IKEA thought so as well. In December, Bell and Bala got a chance to present it to Michael Valdsgaard, IKEA’s “Leader of Digital Transformation.” He loved it. “He just said, ‘OK, this needs to be in the next release,'” recalled Bell, “and in 3 months we were able to turn it around for them.” It seemed as clear to Valdsgaard as it is to GrokStyle that the advent of mixed reality in all its forms necessitates a fundamentally different kind of search. If information is to be presented and mixed visually, why shouldn’t you be able to find and browse things the same way?

Read More »