Twitter has just named Ned Segal, who formerly helmed directorial duties at Goldman Sachs, as its new Chief Financial Officer. This marks Twitter's second time to hire an executive from the multinational finance company.
Ned Segal Becomes Twitter's New CFO
Segal, who currently operates as senior VP of finance at Intuit Inc., a financial software company, will take the CFO role next month from Anthony Noto, who'll helm the COO position, Twitter confirmed Tuesday, July 11. Noto has held both positions as far back as November 2016.
Twitter And Profitability Problems
Segal arrives at a time of slight turbulence for Twitter's future as a business after failing to find potential companies that'll acquire the microblogging service last year. Dorsey has since been making efforts to prove that the company can succeed as an independent company and become profitable by year's end.
After posting its first quarterly revenue decline since going public in 2013, the pressure to prove it can succeed has certainly been palpable since. Despite the underwhelming numbers, things are looking up. Twitter reported in April that average monthly users had increased to 328 million in Q1 last year, and, in addition, Twitter cofounder Biz Stone confirmed he would go back to Twitter after six years of absence.
AS CFO, Segal could revitalize Twitter's monetizing efforts and focus on profitability. Dorsey said Segal fits the company because of his range of experience.
"He brings a principled, engaging and rigorous approach to the CFO role, with a track record of driving profitable growth," said Dorsey in a statement, as Reuters reports.
Ned Segal's Compensation Package
In a securities filing, Twitter confirmed Segal will get a $22.5 million compensation package, in addition to an annual salary of $500,000 and a $300,000 signing bonus. Reuters adds that he's also eligible to receive 1.2 million shares in the company, though subject to conditions and vesting, as the filing suggests.
Segal ends Twitter's search for a CFO, which has been going on for eight months. Segal, as mentioned, has mostly worked for Intuit, but spent a lot of his years at Goldman Sachs. His arrival relieves some pressure from Dorsey and frees Noto's workload, the latter having held CFO and COO positions for months.
"I've long admired Twitter's impact in the world, and I'm committed to helping the Company build on its recent momentum, allocate resources against its greatest priorities, and continue toward its goal of GAAP profitability and beyond," said Segal.