Twitter's chief operating officer Anthony Noto is to depart the company to join finance startup SoFi as chief executive officer.
Noto, who has been with the firm since 2014, has also held the position of chief finance officer at the social network.
The executive will join SoFi in March of this year. The move is likely to be a blow to Twitter investors with Noto believed to have been spearheading Twitter's push towards live programming which has included deals with the likes of Bloomberg, and previously the NFL.
Twitter has said in a statement that Noto's responsibilities for operations and revenue generating will be assumed "by other members of Twitter’s leadership team". According to Variety, Matt Derella, Twitter’s vice-president of global revenue and operations, will continue to lead the company’s advertising sales efforts.
Twitter's chief executive Jack Dorsey took to the platform to comment on the appointment.
I’m really sad to see @anthonynoto leave us, but I’m happy for him and really proud of everything he’s accomplished at Twitter. He’s been a friend, partner, and mentor to me for years. He always has my support and gratitude. Thank you Anthony! We love you. https://t.co/wdI0rJqIck
— jack (@jack) January 23, 2018
Before Twitter, Noto served for almost four years as co-head of global TMT investment banking at Goldman Sachs.
SoFi's interim chief executive Tom Hutton, who also has been serving as executive chairman at the online loans company, will become non-executive chairman of the board as a result of Noto's appointment.
“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,” Noto said.
“SoFi has a significant opportunity to build on its leadership position in student and personal loans to revolutionize consumer finance and build a next-generation financial services company. I’m excited to work with Tom and the rest of the SoFi team.”