Updated from 10:29 a.m. ET with SunTrust comments, afternoon share prices.
NEW YORK (TheStreet) - Anthony Noto, the ex-Goldman Sachs (GS) investment banker who led Twitter's (TWTR) initial public offering, is now joining the micro-blogging site as its Chief Financial Officer. Noto's move comes about six months after Twitter's initial public offering, and roughly a month after he left Goldman for tech-oriented hedge fund Coatue Management.
Twitter's appointment of Noto as CFO looks like a move at rebuilding the company's' upper ranks after some big recent departures. Mike Gupta, Twitter's current CFO will step down from the role become Twitter's Senior Vice President of Strategic Investments.
Perhaps, Noto's hiring will help shore up Twitter's executive ranks after the sudden resignation of chief operating officer Ali Rowghani earlier in June. Twitter said in a filing at the time it did not announce an intention to replace Rowghani.
Although Twitter shares reacted positively to Noto's hiring, SunTrust Robert Peck called the move a surprise move and noted that outgoing CFO Gupta had a strong reputation among investors. Peck added that Twitter generally beat earnings guidance under Gupta's watch and he posited that the outgoing CFO may soon leave the company. "[W]e think it is unlikely Mr. Gupta would stay longer-term in a non C-suite role," Peck wrote in a Tuesday note to clients.
Shares in Twitter were rising over 3% to $42.24 in late Tuesday afternoon trading.