Twitter Names Ned Segal CFO

12 July, 2017, 00:38 | Author: Becky Perry
  • Twitter hires Intuit's Ned Segal as chief financial officer

The appointment of Segal, 43, comes as investors are demonstrating renewed optimism in Twitter, which still lags rival social network Facebook Inc (FB.O) in terms of size and profitability.

At Intuit, Segal was senior VP of finance for the Small Business Group, leading financial and strategic planning for the company's $2.5 billion division that provides QuickBooks, Payments and Payroll to several million customers.

Noto had stepped in to fill the shoes of Adam Bain, former chief operating officer who announced last fall he would leave the company.

Prior to that, Mr. Segal spent almost 17 years at Goldman, where he worked closely with Anthony Noto, who is now acting as both Twitter's chief operating officer and CFO, and a close lieutenant to Chief Executive Jack Dorsey. The company's market cap is now less than $14 billion. Noto also worked at Goldman Sachs during that time, leaving in 2008 to serve as CFO for the National Football League.

Clearly, Segal knows banking and has years of experience working for a Silicon Valley tech company. This could come in handy if Twitter decides to sell themselves.

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Segal is entering the challenging role of steering Twitter's finances. Twitter laid off hundreds of employees and shattered businesses, like the six-second app Vine, last year.

Twitter shares rose 3 percent after hours.

"He brings a principled, engaging and rigorous approach to the CFO role, with a track record of driving profitable growth", CEO Jack Dorsey said in a statement.

Segal's hire means Twitter is filling one of its top executive vacancies, which has been open since late a year ago.

As typical across tech companies but vocally opposed by diversity advocates, Castleberry-Singleton is ranked as a vice president and not in the C-suite.

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