Twitter announced this morning that Chief Operating Officer Anthony Noto was resigning to become CEO “at another company.” That company is SoFi, and the move is seen by Wall Street as a blow to Twitter.
Noto was originally hired in 2014 as CFO from Goldman Sachs. He helped take Twitter public and became COO in 2016. Last year, Twitter hired Ned Segal, another Goldman Sachs veteran, to replace Noto as CFO.
Analysts attribute much of Twitter’s recent product direction and positive momentum to Noto, who has been the day-to-day leader at the company. The question now is whether Twitter can find someone who can give the market confidence.
Noto is taking over at SoFi at a time of some uncertainty, following the recent departure of co-founder and CEO Mike Cagney amid sexual harassment allegations and other problems at the online bank.
In the press release confirming Noto’s departure, which had previously been rumored, Twitter said that Noto’s responsibilities would be assumed by other members of Twitter’s executive team.