One of Twitter’s top bosses may go to SoFi
Chief operating officer is said to be in talks to leave the social media company
Is it possible that Twitter may be facing a new round of upheaval in its executive ranks?
Something like that could be in the works as reports have surfaced saying Anthony Noto, Twitter’s chief operating officer, has been offered the chief executive job at San Francisco-based online-lending and finance company Social Finance, better known as SoFi. The Wall Street Journal reported that Noto is in talks about the SoFi CEO spot, but that nothing has yet been finalized.
A Twitter spokeswoman said the company had nothing to say about the possibility of Noto’s departure. “As a policy, we don’t comment on rumors or speculation,” said the spokeswoman.
If Noto takes the SoFi CEO job, he will replace Chairman Tom Hutton, who has served as SoFi’s interim CEO
since last September. Hutton took over from Mike Cagney, who stepped down from his post over accusations of sexual harassment and an improper workplace culture.
Should Noto leave Twitter, it would bring about an end to his long association with the social media company. While working at Goldman Sachs, Noto helped take Twitter public back in 2013. He then joined the company as its chief financial officer in 2014. Noto became Twitter’s COO in 2016, during a year in which multiple executives left the company.
The Journal said people close to the matter expected Noto to make a decision in the coming days. SoFi is said to have offered Noto an ownership stake in the company if he signs on as the company’s CEO.
There is speculation that Noto may be negotiating with Twitter CEO Jack Dorsey about a greater leadership role with the company, the Journal reported. In addition to his Twitter commitments, Dorsey also serves as CEO of paymentsprocessing technology company Square.
Scott Kessler, who covers Twitter for CFRA Research, said in a note to clients on Monday that Noto’s departure “would be a significant loss” for the company.
“We see Noto as Twitter’s second-most important employee, after CEO Jack Dorsey,” Kessler said. “He could succeed Dorsey, but we see that as less likely than a departure from Twitter.”
Should Noto join SoFi, he would be taking charge of a completely different type of business than Twitter.
Founded in 2011, SoFi has spent more than six years creating an alternate form of consumer bank. The company got its start by focusing on refinancing student loans, and then moved into offering other financial options such as mortgages and personal loans. The company is said to have about 400,000 customers and a valuation of more than $4 billion.
Last year, SoFi showed its intention to offer more financial services when in June, it filed with the Federal Deposit Insurance Corporation for a banking license in Utah. That move would let SoFi begin offering credit cards, checking accounts and other consumer banking products.
But in late 2017, SoFi backed away from some of its expansion plans following the departure of Cagney, and then in November, company executives Peter Early and Arkadi Kuhlmann.