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Was It Only a Matter of Time before Noto Left Twitter?

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Jan. 29 2018, Published 1:44 p.m. ET

Noto doubled up as Twitter’s COO and CFO

Twitter’s (TWTR) outgoing COO (chief operating officer), Anthony Noto, was until August 2017 also doubling up as the company’s CFO (chief financial officer). Noto assumed the double role of Twitter’s COO and CFO after Adam Bain departed as Twitter’s COO in late 2016.

Twitter hired Ned Segal as its new CFO in the middle of last year, possibly to lessen Noto’s workload. Segal joined Twitter from Intuit (INTU), the company behind bookkeeping software QuickBooks. Like Noto, Segal was also a banker at Goldman Sachs (GS). Noto was also with the NFL (National Football League) as CFO.

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Dream of becoming CEO

Despite having served in various senior executive roles, including rising to become the number two top executive at Twitter, Noto has long harbored ambitions of becoming CEO (chief executive officer), according to Recode. Running online lender Social Finance, or SoFi, would likely see Noto’s dream of becoming a chief executive come true.

At Twitter, and after dropping the CFO hat, Noto was responsible for the company’s business operations as well as revenue-generating activities. Noto is believed to have been a leading figure in Twitter’s video push—in the company’s live video strategy, in particular. Twitter generated $590 million in revenues in 3Q17, which was 4.0% lower YoY (year-over-year), while revenues rose 47% for Facebook (FB) during the same quarter.

Noto exit may not badly disrupt Twitter

If Noto has long held the dream of becoming a CEO and made this known to his colleagues at Twitter, perhaps his exit may not affect the company too much. One would expect that Jack Dorsey, the chief executive of both Twitter and Square (SQ) who described Noto in a statement as a “trusted partner” may have prepared for his departure and put measures in place to avoid disruptions in the departments that Noto led.

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