Twitter Appoints New CFO
Twitter Inc. has chosen a former close colleague of Anthony Noto its No. 2 executive to be the company’s new chief of finance, as the microblogging giant addresses a host of vacancies that were created at the company during the last year.
Ned Segal will become the CFO at Twitter during August, said the company on Tuesday. His worked most recently for Intuit a producer of financial software, where he served as the senior vice president for finance in the division in charge of delivering QuickBooks to clients.
Prior to that, he was the CFO with RPX Corp., which is a small company, based in San Francisco that helps its clients manage risk that is patent related.
Before that, Segal spent close to 17 years with Goldman Sachs Group, where he worked with Noto, who he is replacing as the finance chief.
Noto has kept two jobs with Twitter since he became its COO last November when Adam Bain a longtime executive left the company. Noto will now work as just the COO, said company officials.
Bringing a colleague in to fill another important role could help to solidify Noto’s influence. He has been taking more responsibility since he joined Twitter in 2014, following time working as the head of media, technology and telecom investment bank with Goldman and as the CFO for the NFL.
Twitter announced that its complete management team had taken part in the CFO search, meeting with a number of candidates although CEO Jack Dorsey was the one who made the final selection.
Segal brings an engaging, rigorous, principled approach to his role at CFO with a strong track record of profitable growth, said Dorsey in a prepared statement.
Twitter has been struggling for a long time to convert its popularity into a profit. During this year’s first quarter, it posted declining revenue for just the first time since its 2013 initial public offering, despite many measures announced to turnaround the business following Dorsey’s return as the CEO during 2015.
Over a dozen Twitter leaders and executives left the company during the last 12 months, including its CTO Adam Messinger, Celia Poon its Vice President of Finance and Josh McFarland a VP of Product.
Two months ago, Biz Stone the co-founder of Twitter with Dorsey, said he would rejoin Twitter and focus on its culture while working to convey elements of the company’s culture externally.