The social media company announced that Chief Operating Officer Anthony Noto notified the company on Monday that he is resigning from his position to accept the CEO role at SoFi. Twitter's stock was down almost 4% in pre-market trading on Tuesday on the news, but had recovered some to trade down 2.5% to $22.74 in early trading. Twitter shares are up 37% over the last 12 months, but down 5.3% year to date.
Noto will begin his new role at SoFi on March 1.
"We are simply thrilled to have found someone of Anthony's expertise and knowledge to lead SoFi," interim CEO Tom Hutton said. "The SoFi board unanimously agrees that Anthony's deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi's CEO. We could not be more excited to have someone of his caliber on board."
Noto's responsibilities will be taken over by other members of Twitter's leadership team, according to the company.
"Anthony has been an incredible advocate for Twitter and a trusted partner to me and our leadership team," said Jack Dorsey, Twitter's CEO. "On behalf of the entire team, I want to thank Anthony for his passion and his impact, and congratulate him on his new role."
Noto joined Twitter as Chief Financial Officer in July 2014 before becoming CFO in November 2016.
"Working at Twitter has been a once in a lifetime opportunity, and I am immensely proud of our team and the key milestones we achieved during my time at the company," said Noto. "It has been an honor to work alongside Jack and contribute to the success of one of the most impactful platforms in the world. While it's bittersweet to depart, I have the utmost confidence in Twitter's future and look forward to watching the wonderful success the team will continue to achieve."
San Francisco-based Social Finance Inc. has been looking for a CEO since Mike Cagney departed in September amid accusations of fostering an improper workplace culture. In recent months, the company has been sued and opened an outside investigation into claims that current and former employees were sexually harassed at work.
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