Twitter has appointed former Goldman Sachs banker Ned Segal as CFO, relieving Anthony Noto of one of his jobs as it continues to seek profitability.
Segal, 43, most recently served as senior vice president of finance for Intuit’s Small Business Group, which is responsible for such products as QuickBooks, Payments, and Payroll. He will join Twitter in late August with Noto, who has served as both CFO and chief operating officer for the past nine months, retaining his COO duties.
“Ned’s experience in financial operations as a public company and business unit CFO, along with his background serving technology companies and investors, are an ideal fit for Twitter as we work to extend our positive momentum, continue growing our audience and achieve greater operating efficiency,” Twitter CEO Jack Dorsey said in a news release.
“He brings a principled, engaging, and rigorous approach to the CFO role, with a track record of driving profitable growth,” he added.
Founded in 2006, Twitter has never posted a net profit on a GAAP basis and has lagged Facebook in online advertising. Twitter shares are up 5.25% over the past year, while Facebook shares have risen nearly 32%.
“Key question: Can Segal help Twitter tell a more convincing story to investors?” Recode asked.
Before joining Intuit, Segal served as CFO of RPX, which provides patent risk management solutions to technology companies, and spent 17 years at Goldman Sachs. As head of Global Software Investment Banking at Goldman, he advised tech companies on mergers, acquisitions, IPOs, and other equity and debt financings.
“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,” Segal said.
According to a regulatory filing, Segal will receive an annual salary of $500,000, a sign-on bonus of $300,000 and a stock package of nearly 800,000 shares of Twitter stock vesting over four years. The package is worth nearly $15 million, given Tuesday’s closing stock price.