Twitter drops as COO Anthony Noto resigns to become SoFi CEO
Shares of Twitter (TWTR) dropped in pre-market trading after the microblog operator confirmed that its chief operating officer will leave to take an executive role at another company. COO DEPARTURE: Twitter said this morning that Anthony Noto, its COO, is leaving the company to accept the role of chief executive at another company. "Anthony has been an incredible advocate for Twitter and a trusted partner to me and our leadership team," Twitter CEO Jack Dorsey said. Noto's responsibilities at Twitter for the company's business operations and revenue generating operations will be taken on by other members of Twitter's executive team, while Matt Derella, Twitter's Vice President of Global Revenue and Operations, will continue to lead the company's advertising sales efforts. NOTO TO JOIN SOFI: Noto will join online lender SoFi as its CEO and a director, according to a release from the company, following reports that SoFi offered him the job. SoFi has been seeking a permanent CEO since Mike Cagney left the company in September. Noto will join SoFi on March 1. At that time, interim CEO Tom Hutton, who has been serving as executive chairman, will become non-executive chairman of SoFi's board, the company reported. Hutton commented that SoFi's board "unanimously agrees that Anthony's deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi's CEO. We could not be more excited to have someone of his caliber on board." PRICE ACTION: Twitter is down 2.7% to $22.68 per share in pre-market trading.