Snapchat names its Finance Chief

Snapchat has hired a new CFO following a nine months intensive search.

Drew Vollero, a former Finance Executive at toy maker Mattel, is moving to Snapchat as Vice President of Finance and acting Chief Finance Officer.

Prior to his position at Mattel, Vollero also previously held roles in marketing and finance at Taco Bell and its parent, Yum! Brands. At Snapchat, he will report to Imran Khan who is a former technology banker and was hired last year to oversee strategies.

Earlier this year, Snapchat was valued at $16billion. Hoping to transform the app in to a moneymaking business, Vollero’s role will entail building the company’s finance department. The company has already sold video ads to marketers such as Coca Cola and Samsung Electronics, and experimented with photos by offering custom filters. The free app for images is expecting to generate $50million this year, according to a tech blog Recode.