Filling another leadership vacancy created in the past year, Twitter Inc. (TWTR, Financial) appointed Ned Segal as chief financial officer on July 11.
Replacing Anthony Noto, Segal will join the company in August with over 20 years of finance and capital markets experience, a background in financial planning and a deep knowledge of the technology industry. Most recently, he was senior vice president of finance for Intuit Inc.’s (INTU, Financial) Small Business Group. Before that, he was CFO of San Francisco-based RPX Corp. (RPXC, Financial), a small company that helps clients manage patent-related risks. Prior to RPX, he worked for 17 years at Goldman Sachs Group Inc. (GS, Financial) with Noto.
Despite surrendering the CFO role to Segal, Noto is not leaving the company. He will remain as chief operating officer, a role he filled last November when Adam Bain resigned.
According to the Wall Street Journal, over the past 12 months, more than a dozen members of management have left Twitter, including Chief Technology Officer Adam Messinger, Vice President of Product Josh McFarland and Vice President of Fincance Celia Poon.
With the company struggling to achieve profitability, Twitter co-founder and CEO Jack Dorsey returned to the leadership role in late 2015 to spur turnaround efforts. Fellow co-founder Biz Stone announced in May he is returning to the company as well to focus on its culture.
Despite Dorsey’s efforts, Twitter posted in its first-quarter earnings report declining revenue for the first time since the company went public in 2013.
Dorsey praised Segal’s qualifications for the position, saying his experience makes him the ideal candidate as the company is trying to turn itself around.
“He brings a principled, engaging and rigorous approach to the CFO role, with a track record of driving profitable growth,” Dorsey said.
In a filing, Twitter disclosed Segal’s annual salary will be $500,000, and he will receive 795,000 shares of the company’s stock.
In a statement, Segal expressed his excitement at joining Twitter, a company he said he has long admired for its “impact on the world,” and committed to helping it reach its growth and profitability goals.
“Twitter has a talented management team, a unique purpose and tremendous potential,” Segal said. “I look forward to putting my background and skills to work to help the company achieve greater results for our employees and shareholders.”
In the hours following the announcement, Twitter’s stock, which closed up 3.1% at $18.64 on Tuesday, remained flat.
Disclosure: I do not own any stocks mentioned in the article.
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