Business

Ex-Goldman Sachs MD Ned Segal Now Twitter CFO

न्यूज़ वर्ल्ड इंडिया | 0
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| July 12 , 2017 , 09:24 IST

Twitter Inc has hired former Goldman Sachs Group Inc managing director Ned Segal as its Chief Financial Officer (CFO). Twitter's current CFO and Chief Operating Officer (COO) Anthony Noto will continue with the role of COO, Twitter said in a statement.

Currently, a senior vice president of finance at Intuit Inc, Ned Segal, 43, will be joining Twitter as CFO in late August.

The appointment of Segal comes as investors demonstrated renewed optimism in the micro-blogging network Twitter as its shares rose by 3 percent on Tuesday before the announcement of Segal.

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Although Twitter still lags behind rival social network Facebook in terms of size and profits, the stocks of Twitter is up by 32 percent since April 17 when it hit the lowest point of the year at $14.12. Twitter reported better than expected user growth in the first part of the year, partially related to increased user interest in political news and comments.

Segal has spent around 17 years working with Goldman Sachs and from 2009-2013 he served as a managing director and head of its global software investment banking unit.

According to Twitter Chief Executive Jack Dorsey, Segal was an ideal fit for the role because of his range of experience.

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"He brings a principled, engaging and rigorous approach to the CFO role, with a track record of driving profitable growth," Dorsey said in a statement.

In a statement, Segal said he was committed to helping Twitter "continue toward its goal of GAAP profitability."

In addition to receiving a signing bonus of $300,000 Segal will be given an annual salary of  $500,000 and will also be eligible to receive 1.2 million shares in the company, subject to conditions.