Twitter Names New Finance Chief — WSJ
This article is republished as part of our daily replay of WSJ.com articles, which have also appeared in the American edition of the Wall Street Journal (July 12, 2017).
Twitter Inc. took advantage of a former close colleague of engineer Anthony Noto # 2 to be its new chief financial officer as it tackles a list of vacancies created within the social messaging company over the past year.
Ned Segal will begin as Twitter’s chief financial officer by the end of August, the company announced Tuesday. He has recently worked for financial software producer Intuit Inc., where he was Vice President of Finance for the 2.5 billion division that offers QuickBooks customers.
Prior to that, he was chief financial officer of RPX Corp., a San Francisco-based small business that helps clients manage patent-related risks.
Prior to that, Mr. Segal spent nearly 17 years at Goldman Sachs Group Inc., where he worked closely with Mr. Noto, who will replace him as CFO.
Mr. Noto has held two Twitter jobs since his first operations manager in November following the departure of former executive Adam Bain. Mr. Noto will act as a business manager, the company said.
The move to a former colleague to fill a key role could help strengthen Mr. Noto’s influence. He took on increasing responsibility since joining Twitter three years ago, after practices, including head of technology, investment banking services in the media and telecommunications and Goldman as financial director of National Football League .
Twitter said that all of its management team participated in the search for a new CFO, meeting several candidates, although CEO Jack Dorsey made the final decision.
M. Segal “brings a principled, attractive and rigorous approach to the CFO’s role with a profitable growth trajectory,” M. Dorsey said in a statement.
Twitter has struggled for years to translate its popularity into profits. For the first quarter of this year, there was a decline in revenue for the first time since its initial public offering in 2013, despite a number of recovery measures after announced Mr. Dorsey, co-founder, returned as CEO by the end of 2015.
More than a dozen officers and leaders left Twitter in the last 12 months, including technology chief Adam Messinger, product vice president of Josh McFarland and Vice President of Finance Celia Poon.
In May, M. Dorsey’s co-founder Biz Stone said he would join Twitter to focus on culture and work on the external transmission elements of the Twitter culture.
Mr. Segal’s annual salary will be $ 500,000 and will receive approximately 795,000 shares of Twitter, plus more shares if the company meets certain measures, said Twitter in a presentation.
The stock of Twitter, which ended its negotiations Tuesday 3.1%, remained stable after the hours that followed the announcement.
Stocks have gained ground this year but still less than a third of their maximum value shortly after their IPO.
Intuit said in a statement: “In line with our values, we support employee mobility both within and outside Intuit.”
Intuit CFO R. Neil Williams said M. Segal leaves behind many fans now. “I’ve known Ned for almost 10 years and I think his intelligence and energy will be a major asset to Twitter,” Williams said in an e-mail.