Twitter slides after news that online lending startup SoFi may poach its operations chief (TWTR)

pulse

January 22, 2018 4:21 PM

Twitter's Chief Operations Officer, Anthony Noto, reportedly received an offer from San Francisco-based startup SoFi to become its next CEO.

Shares of
Anthony Noto was reported to be in talks with SoFi to join the firm as its CEO.
Twitter has suffered from a wave of management changes as it struggles to bring value to shareholders.

Shares of Twitter dipped on Monday after it was reported that Twitter's chief operating officer, Anthony Noto, may leave the company for an offer to become the CEO of Social Finance, or SoFi, an online lending company.

Noto has not yet accepted the offer, though he is likely to make a decision in the coming days, the Wall Street Journal reported.

The San Francisco-based startup has been looking for a new chief executive after its former CEO, Mike Cagney, left in September, following an investigation into sexual harassment in the workplace by former and current employees.

Noto, a Goldman Sachs alum, helped take Twitter public in 2013 before joining the company in 2014 as its chief financial officer. He was later named Twitter's chief operating officer in 2016.

He was credited for driving Twitter's live video push, and sealing partnerships with the NFL, Time, and Bloomberg.

Investors have been concerned over the company's slow user growth and many management changes. Twitter's previous COO was Adam Bain, who left in 2016 amid mounting pressure on the company to increase profits. Last year, it named Ned Segal its chief financial officer.

Twitter reported a loss of $21 million in the third quarter of 2017.

Twitter's stock was down 1.16% on Monday at $23.39 per share. It was down 4.55% for the year.