Social media icon Twitter Inc. has hired Ned Segal as its new chief financial officer.
Segal has most recently been serving as the senior vice president of finance for the small business group over at Intuit Inc., where he led financial and strategic planning for that division. Before that he was the CFO of a public patent risk management solutions company, RPX, and was an investment banker at Goldman Sachs for 17 years. His most recent position at Goldman Sachs was as the managing director and head of global software investment banking.
He will be taking over for Anthony Noto, who has served as both CFO and Twitter’s chief operating officer since last November.
Twitter shares rose by 3 per cent after hours following the announcement Tuesday. The company’s stock has been steadily rising since mid-April, and is up 32 per cent since it hit a year-low of $14.12.
Believe @Twitter has an important mission and tremendous potential; can’t wait to work w/ @jack and the awesome leadership team!
— Ned Segal (@nedsegal) July 11, 2017
Notably Noto, who will continue as Twitter’s COO, also has history at Goldman Sachs.
“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.” said Twitter CEO Jack Dorsey in a statement, also stating that Segal brings a ‘track record for profitable growth’.
Segal will report directly to Dorsey and is responsible for Twitter’s finance, accounting, corporate development, corporate security, financial planning & analysis (FP&A), investor relations, real estate & workplace, internal aduit, tax, and treasury areas of the company.
“I’m committed to helping [Twitter] build on its recent momentum, allocate resources against its greatest priorities, and continue toward its goal of GAAP profitability and beyond,” said Segal.
Since 2006, Twitter has never posted a net profit on a generally accepted accounting principles (GAAP) basis.
Segal will begin his role as CFO in late August. In May, it was announced that Twitter co-founder Biz Stone will be returning to the company to help guide its culture.