The appointment follows on from founder Mike Cagney’s resignation last year.
The long search for a new CEO of SoFi is over. Anthony Noto (pictured) joins the fintech firm from Twitter, where he had been chief operating officer since November 2016, preceded by a two year stint as chief financial officer.
Former CEO Mike Cagney, who founded the company, was forced to step down in September 2017 after SoFi became embroiled in a sexual harassment scandal. Then-executive chairman Tom Hutton took on the role of interim CEO after Cagney’s departure.
Hutton will now transition to the role of non-executive chairman of the board, as Noto takes over. Noto himself is a former Goldman Sachs partner, and has also held the position of chief financial officer of the National Football League.
“I’m grateful to the SoFi board for this extraordinary opportunity to lead one of the most important new companies at the intersection of technology and finance,” said Noto. “SoFi has a significant opportunity to build on its leadership position in student and personal loans to revolutionise consumer finance and build a next-generation financial services company. I’m excited to work with Tom and the rest of the SoFi team.”
SoFi has funded more than $25bn in loans to date and boasts over 430,000 members. The platform’s products span everything from student loan refinancing (its bread-and-butter), to mortgage loans. It is also a leader in the securitisation market.
Among Noto’s primary concerns in his new role must surely be an assessment and restructuring of the corporate culture at SoFi, which has been described as a “frat house” and “a free-for-all” by former employees.
“The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO,” said Hutton. “We could not be more excited to have someone of his caliber on board.”