SoFi CEO Mike Cagney stepped down last year amid a firestorm of controversy – and now the company has at last named Cagney’s permanent replacement
P2P lender Social Finance (SoFi) has named a former Twitter exec as its new chief executive officer. The appointment comes in the wake of the September resignation of the former SoFi CEO amidst a firestorm of controversy.
SoFi has named Anthony Noto as CEO and as a director, effective March 1. Interim CEO Tim Hutton, who has also been serving as executive chairman, will become non-executive chairman of the board.
“The SoFi board agrees unanimously that Anthony’s deep understanding of technology, consumer and financial businesses make him the perfect fit to be SoFi’s CEO,” Hutton said. “We could not be more excited to have someone of his caliber on board.”
Noto joins SoFi from Twitter, where he has served as chief operating officer since November 2016. He joined Twitter in 2014 as chief financial officer. Prior to that, he served as co-head of global TMT investment at Goldman Sachs. He also spent three years as CFO of the NFL.
Noto takes the reins from Hutton, who stepped in to lead the company after the September resignation of former CEO Mike Cagney. Cagney became embroiled in a controversy that rocked the company last year when a former employee claimed in a lawsuit that he had been fired for reporting an incident of sexual harassment.
Cagney said in an email to employees that such harassment would not be tolerated – but other employees swiftly claimed that he was part of the problems. A former executive assistant claimed that Cagney, a married father of two, sent her flirtatious or sexually explicit texts for months, according to a New York Times report. Another former employee said that Cagney and other executives fostered a “frat house” atmosphere in which women were regularly and openly harassed.
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SoFi has named Anthony Noto as CEO and as a director, effective March 1. Interim CEO Tim Hutton, who has also been serving as executive chairman, will become non-executive chairman of the board.
“The SoFi board agrees unanimously that Anthony’s deep understanding of technology, consumer and financial businesses make him the perfect fit to be SoFi’s CEO,” Hutton said. “We could not be more excited to have someone of his caliber on board.”
Noto joins SoFi from Twitter, where he has served as chief operating officer since November 2016. He joined Twitter in 2014 as chief financial officer. Prior to that, he served as co-head of global TMT investment at Goldman Sachs. He also spent three years as CFO of the NFL.
Noto takes the reins from Hutton, who stepped in to lead the company after the September resignation of former CEO Mike Cagney. Cagney became embroiled in a controversy that rocked the company last year when a former employee claimed in a lawsuit that he had been fired for reporting an incident of sexual harassment.
Cagney said in an email to employees that such harassment would not be tolerated – but other employees swiftly claimed that he was part of the problems. A former executive assistant claimed that Cagney, a married father of two, sent her flirtatious or sexually explicit texts for months, according to a New York Times report. Another former employee said that Cagney and other executives fostered a “frat house” atmosphere in which women were regularly and openly harassed.
Related stories:
SoFi CEO quits amid firestorm of controversy
How P2P lending could help finance tough mortgages
