Twitter chief operating officer Anthony Noto is leaving the company to become CEO of SoFi.
Today, SoFi, a financial services company, announced the news in a statement, citing Noto’s “deep understanding of technology, consumer and financial businesses.”
“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 prepared statement released by SoFi. “SoFi has a significant opportunity to build on its leadership position in student and personal loans, to revolutionize consumer finance and build a next-generation financial services company. I’m excited to work with Tom and the rest of the SoFi team.”
Twitter CEO Jack Dorsey confirmed Noto’s departure in a tweet linking to SoFi’s own announcement.
Noto’s departure comes as Twitter is in the midst of of a financial rebound. After struggling to increase users and revenue over the past two years, the company reported better-than-expected revenue in the third quarter of 2017 while also announcing it’s on the path to being a profitable company by as soon as the fourth quarter. Earnings for that quarter and 2017 overall will be released on Feb. 8.
Twitter has had a hard time retaining and recruiting top-level talent in recent years, with many of its C-suite executives having two roles at once. When former COO Adam Bain left in November 2016, Noto filled that role while also serving as chief financial officer until July 2017, when the company hired Ned Segal to fill the CFO position. Others at Twitter also have two positions, most notably Dorsey, who also serves as CEO of Square. (Twitter chief marketing officer Leslie Berland also doubles as head of human resources.)
Noto won’t be leaving Twitter immediately; he’ll be staying in his current role until March 1, according to a Form 8-K that Twitter filed this morning with the Securities Exchange Commission. A replacement has not yet been announced, but the company said Noto’s duties will be “assumed by other members of Twitter’s leadership team.”
“Twitter is grateful to Mr. Noto for his nearly four years of service and wishes him the best in his future endeavors,” according to the SEC filing.