Noto to run online lender SoFi
What began as an attention-grabbing rumor came to pass: Anthony Noto, a Twitter (TWTR) executive since 2014, decided to resign as the company’s chief operating officer after accepting a more senior position at another company. Noto is joining SoFi (Social Finance) as its CEO.
SoFi is a player in the fintech (financial technology) sector alongside the likes of PayPal (PYPL), Square (SQ), LendingClub (LC), and Alibaba’s (BABA) Ant Financial. Its specialty is personal finance, which includes providing student loan refinancing.
Twitter silent on Noto replacement
Twitter’s CEO, Jack Dorsey, tweeted that he was sad that Noto was leaving. Later, Twitter issued an official statement in which Dorsey commented that Noto had been his trusted partner and went on to wish him well in his new role.
But Twitter’s statement fell short of revealing how or when it intended to fill Noto’s position. The only hint the company provided was that for the time being, existing executives would assume Noto’s responsibilities. As Twitter’s chief operating officer, Noto had been in charge of the company’s business operations and revenue-generating activities. Matt Derella, Twitter’s chief of global revenue and operations, was tapped to oversee the company’s advertising sales efforts in Noto’s absence. Twitter generated $258 million in revenue from overseas in 3Q17.
Noto led video efforts
With Twitter choosing to distribute Noto’s responsibilities among existing leaders, the signal is that perhaps the company expects replacing Noto to take time. Noto is believed to have left big shoes to fill at Twitter. He was a leading figure in the company’s video strategy.
Twitter is scheduled to release its 4Q17 results on February 8, 2018. We’ll have to wait and see if the Noto issue comes up on the company’s earnings conference call.