Segal was most recently at Intuit.
Twitter has hired a new CFO: Ned Segal, a longtime Goldman Sachs banker who was most recently the senior vice president of finance at Intuit in Silicon Valley.
Segal will take over the CFO role from Anthony Noto, who was promoted to COO last November, and has had two jobs for the past nine months. (Noto also spent more than a decade at Goldman Sachs as an analyst and banker, and the two have worked together.)
Key question: Can Segal help Twitter tell a more convincing story to investors? He has lots of Wall Street experience, but does not have a background in advertising or media, which are the industries driving Twitter’s entire business. The company has long been criticized for not doing a great job of explaining its value — though it’s trying with a new slate of TV commercials — but its shares reached their five-year high almost five years ago. Twitter has also been consistently unprofitable, losing a cumulative $2 billion since going public.
Segal’s hire means Twitter is filling one of its top executive vacancies, which has been open since late last year. The hire is also noteworthy given that CEO Jack Dorsey is still running multiple public companies, and Noto was also holding down two jobs. Twitter recently hired a new head of inclusion and diversity, and is still looking for a head of human resources.
Segal will report directly to Dorsey in his new role, but will not be on Twitter’s second-quarter earnings call at the end of the month. He will join Twitter beginning in late August.
Update: According to documents filed with the Securities and Exchange Commission, Segal will receive an annual salary of $500,000, a sign-on bonus of $300,000, and a stock package of nearly 800,000 shares of Twitter stock vesting over four years. That package is worth nearly $15 million, given Tuesday’s closing stock price.
Recode – All Go to Source
Author: Kurt Wagner
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