Published: Wed, January 24, 2018
Culture&Arts | By Darrell Mcdonald

Twitter loses COO Noto to SoFi

Twitter loses COO Noto to SoFi

Twitter initially hired Noto as CFO in 2014 where he helped Twitter go public.

Noto's responsibilities for the company's business operations and revenue-generating operations will be assumed by other members of Twitter's leadership team. On Tuesday morning, after Mr. Noto's departure was announced, the company's shares fell almost 4 percent before recovering some of the loss.

Twitter Chief Operating Officer Anthony Noto has resigned to become the chief executive officer of Social Finance, a departure that has some analysts and investors anxious about the tech firm's future. "I'm excited to work with Tom and the rest of the SoFi team", said Noto in the press announcement.

Noto was the architect of Twitter's big strategy bet on live video and bought more user engagement and improvements in Twitter's live video advertising.

Twitter is thought to be on the cusp of having the first profitable quarter in its four years as a publicly traded company, which could be framed as evidence that it's having a successful turnaround.

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"Working at Twitter has been a once in a lifetime opportunity", said Mr Noto, saying it was "bittersweet" to leave.

SoFi said Noto would become CEO on March 1. It's not immediately clear who will take his place. Citing sources familiar with the matter, The Wall Street Journal reported over the weekend that the former Goldman banker was considering taking the CEO post at the finance startup, also known simply as SoFi.

Hutton, who will become non-executive chairman of SoFi's board, became interim CEO in September 2017 after then-Chairman and CEO Mike Cagney departed following a lawsuit that alleged sexual harassment by managers and improper loan paperwork at the company.

"I'm grateful to the SoFi board for this extraordinary opportunity to lead one of the most important new companies at the intersection of technology and finance", Noto said in a statement.

Noto joins SoFi at a crucial time.

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