After an extensive human resources hunt, Twitter has finally found the proper fit for a vacant executive post, that of a Chief Financial Officer. Therefore, the position will go to a former Goldman Sachs banker, Ned Segal. He has a 17-year-old expertise in finances as chief financial officer at the prestigious American banking institution. This is the second time the social media network resorted to the services of a professional in the investment bank to get it out of an economic slump.
Former Goldman Sachs Banker, Ned Segal, Will Help Twitter Regain Profitability by the End of 2017
On Tuesday, Twitter announced that Ned Segal, 43, was chosen as the future CFO as soon as next month. This is good news for Anthony Noto who ascended as the chief operating officer from his former position as the head of finances in November 2016. However, Noto had to juggle with both sets of responsibilities due to a lack of a successor. Segal will have to report to Jack Dorsey, the current Chief Executive Officer.
Dorsey attempted to sell the company last year. However, the plan failed only to leave another strategy in place. Therefore, the CEO intends to show the world that Twitter can thrive as an independent organization. As a consequence, he needs to reach a point of profitability by the end of 2017.
Twitter Increased Its Average Monthly Users to 328 Million
Twitter has been having issues ever since it posted the first disappointing results of a financial quarter since its IPO in 2013. However, recent reports show that the company has regained some ground. The platform earned 6% more of its average monthly users to 328 million. On top of that, a co-founder of the company, Biz Stone, claimed that he is going to return after six years and reinforce Twitter business culture.
Segal quit Goldman Sachs four years ago to join the team of RPX Corp only to turn to Intuit in 2015. He supervised the financial and strategic planning here for various financial segments. Twitter will offer him a compensation package of $22.5 million together with a $500,000 salary and $300,000 bonus upon signing his contract. The former Goldman Sachs banker will also be entitled to 1.7 million shares which are the equivalent of $21.7 million.
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