Twitter Inc. Chief Operating Officer Anthony Noto has resigned to accept the role of chief executive officer at Social Finance Inc., according to both companies.

Twitter shares dropped 3 per cent in premarket trading to US$22.60.

Noto will assume the post at SoFi March 1, the company said.

San Francisco-based SoFi, one of the most valuable financial-technology startups, lost its co-founder and CEO, Mike Cagney, last fall amid company turmoil, including allegations of sexual harassment and fraudulent actions by managers. Other high-ranking executives have also departed, leaving it without a permanent chief financial officer and chief revenue officer.

Twitter hired Noto, 49, as CFO in 2014 with a stock award worth more than $60 million, following a career in banking at Goldman Sachs Group Inc., where he helped Twitter go public. He served as the social-media company’s finance head before taking over as chief operating officer in 2016. Noto has played a leading role in directing the company’s product vision, especially in shaping the platform’s future around live video streaming.

Noto’s responsibilities for Twitter’s business operations and revenue-generating operations will be assumed by other members of the company’s leadership team, it said. Matt Derella, Twitter’s vice president of global revenue and operations, will continue …read more

Source:: Financial Post – Tech

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