Twitter has a new CFO. The micro-blogging social media marketing has appointed former Goldman Sachs Group employee Ned Segal as its new Chief Financial Officer. This is the second time that Twitter has employed a senior investment bank executive to help restore its fortunes.
Ned Segal is the new CFO
Segal who had spent 17 years in Goldman Sachs will replace Anthony Noto, the current CFO of the social media platform in a months’ time. The former Goldman Sachs employee is currently serving as the senior vice president of finance at Intuit Inc. Noto - the current CFO - has held the position at the San Francisco-based Twitter office since November 2016.
According to a press statement issued by Twitter, Segal will be reporting directly to Jack Dorsey the Chief Executive Officer of the social media platform.
After failing to sell the company in 2016, Dorsey has been trying to establish that Twitter can succeed on its own as an independent company and can generate substantial profit by the end of 2017. Since the social media platform went public in 2013, it has been under pressure to perform and boost its growth after showing a decline in its first quarterly revenue earnings. However, in April, the company revealed that its average monthly users have increased by 6 percent and currently stand at 328 million in the first quarter in May 2017. Apart from that, Biz Stone, co-founder of Twitter also said that he would rejoin the company after being away for six years to focus on the company’s culture.
Noto and Segal both worked for Goldman Sachs
Noto and Segal, the current and future CFOs’ of Twitter were at one point of time colleagues at the investment banking company. Their careers overlapped from 2010 through 2014 in the technology, media, and telecom investment banking company. However, Noto resigned from Goldman Sachs in 2014 to join Twitter while Segal left the organization in 2013 to join RPX Corp.
Later in 2015, Segal moved to Intuit to lead the strategic and financial planning for the group that delivered services such as, Payroll, Payments, and QuickBooks.
Dorsey in the press statement released by Twitter said that Segal’s work experience and background “are an ideal fit” for the company as it looks to increase its momentum and efficiency in operations.
The appointment of Segal as the CFO will relieve both Dorsey and Noto of some pressure as both are serving dual positions at the same time. While Dorsey is also the CEO of Square Inc., Noto has been managing two executive positions at Twitter for quite some time.
