Twitter’s COO resigns to become the Chief Executive of SoFi

Anthony Noto has resigned as COO to accept the role of  CEO at finance technology startup Social Finance Inc,. also known as SoFi. Ever since he resigned, Twitter’s share price has fallen 2.85%.

SoFi has been searching its CEO since September. Noto will join as the CEO in March. “Working at Twitter has been a once in a lifetime opportunity, and I am immensely proud of our team and the key milestones we achieved during my time at the company,” Noto said in a statement.

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 initially hired Noto as CFO in 2014 where he helped Twitter go public. He served as the social-media company’s finance head before taking over as the chief operating officer in 2016.

“Anthony has been an incredible advocate for Twitter and a trusted partner to me and our leadership team,” Twitter CEO Jack Dorsey said in a statement. “On behalf of the entire team, I want to thank Anthony for his passion and his impact, and congratulate him on his new role.”

San Francisco-based SoFi, one of the most valuable fin-tech startups, lost its co-founder and CEO, Mike Cagney, last fall when the company had amid turmoil, including allegations of sexual harassment and fraudulent actions by managers. Interim SoFi CEO Tom Hutton will become nonexecutive chairman of the board, the company said.