Published By : 12 Jul 2017 | Published By : QYRESEARCH
Twitter Inc. has managed to hire a high-profile Chief Financial Officer (CFO) in Ned Segal, an ex-managing director of Goldman Sachs Group Inc., who is currently employed as vice president of finance at Intuit Inc. Segal will be joining Twitter towards the end of August, taking over from Anthony Noto, who was serving the dual job of CFO and COO of the company since November last year.
The news of hiring of 43 year old Ned Segal comes in as a breath of fresh optimism for the investors of Twitter as the company aims to catch up to its distant social network rival Facebook Inc., both in terms of profitability and size. On Tuesday, as the announcement of new CFO was announced, Twitter’s shares gained 3 percent. The overall stocks of the microblogging site is up 32 percent since the first quarter of this year, when it was at its lowest of the 2017 at $14.12.
Ned Segal’s Rigorous Approach Expected to Drive Profitability
In April this year, Twitter had announced significantly encouraging user growth in the first quarter, gaining traction from increasing user interest in political news and comments. Ned Segal has expertise on managing patent risk, working as CFO of RPX Corp, after having spent nearly 17 years at Goldman, as per his biography on Twitter. He was the head of global software investment banking unit and managing director at Goldman, navigating the tech companies on acquisitions, mergers, and initial public offerings.
Jack Dorsey, the Twitter Chief Executive, believes the Ned Segal is ideal for the void with his vast range of principled experience, track record of rigorous approach for driving profitability. Segal will be receiving a signing bonus of US$300,000, while his annual gross salary would be US$500,000, besides receiving 1.2 million shares in the company, depending on conditions and vesting. As per schedule, Twitter will be releasing their earnings for the second quarter on July 27.