Online lender Social Finance (SoFi), a seven-year-old San Francisco-based startup, has recruited a high-profile exec, Twitter COO Anthony Noto, to take the reins as CEO of the company, effective March 1.
SoFi has not yet made public the findings of that investigation.
Noto was well compensated at Twitter.
Noto had worked to add video and create a better advertising platform. "Investors may not ascribe similar confidence in a replacement lacking the unique combination of established track record within Twitter as previous Wall Street experience".
James Cakmak, an analyst with Monness, Crespi, Hardt, said Noto's departure will likely only make Dorsey's job "significantly more challenging, considering the ownership Noto had over much of the new initiatives".
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Noto joined Twitter in 2014 as its CFO under then CEO Dick Costolo.
Jack Dorsey, Twitter CEO and founder, took to the social media site to share his thoughts on the transition.
Twitter's stock dipped 3% in early trading Tuesday following the announcement. Its student loan refinancing product has helped people save over $2 billion and rising on student loan interest, and people have now used SoFi personal loans to pay off over $5 billion in credit card debt. But it soon expanded into a range of financial services, from mortgage lending to hedge fund investing. The company was worth $4.3 billion as of its last round of funding in February 2017. Indeed, SoFi has been without a permanent CEO since September, after Mike Cagney was ousted following lawsuits and sexual harassment allegations.