Update (1/23/2018): SoFi issued a press release officially announcing Anthony Noto as their new Chief Executive Officer effective March 1, 2018.
Back in September, 2017 we reported that Mike Cagney had stepped down as SoFi CEO. The company has since been on the search for a new CEO. Over the weekend multiple news outlets reported that Anthony Noto, an executive from Twitter, was in discussions with SoFi. Noto currently serves as Twitter’s Chief Operations Officer and helped take the company public.
The Wall Street Journal article noted that people close to him believe he wants to lead a company. While none of this is official it shows that SoFi is seeking out some pretty big names. Noto would bring some high level experience of running a tech company but he is also someone very comfortable in finance given his years at Goldman Sachs.
From the outside it seems like SoFi is continuing to execute on their strategy. Just last week we shared that SoFi issued the largest ever marketplace lending securitization in both consumer and student loans in the fourth quarter. The only apparent hiccup from the company since the news of Cagney leaving was pulling their application for a bank charter.
SoFi’s story to me is one of the most interesting in fintech. They are different from any other US fintech company and haven’t been afraid to try new things. I believe there is still enormous potential for the company to serve consumers in all aspects of their financial lives. Once a new CEO is chosen it is going to be interesting to see the focus areas are for the company.