Ned Segal has been hired as the chief financial officer of Twitter. Before the hiring of Segal, Anthony Noto was the acting chief financial officer at the microblogging firm as well as its chief operating officer. Noto will retain his COO role.
Segal was previously a senior vice president at Intuit where he led the small business division worth $2.5 billion. The division is responsible for providing Payroll, Payments and QuickBooks to millions of customers. Before joining Intuit, Segal was the chief financial officer of RPX Corporation, which deals in managing patent risk for businesses and individuals. Prior to working at Intuit, Segal was a global software investment chief at Goldman Sachs before he rose to the position of a managing director.
After the announcement Segal said he was excited by the new challenge which he will be taking up beginning late next month.
“I’ve long admired Twitter’s impact in the world, and I’m committed to helping the Company build on its recent momentum, allocate resources against its greatest priorities, and continue toward its goal of GAAP profitability and beyond,” said Segal in a press release.
With regards to the recruitment process, Twitter revealed that all the members of the management team took part in the CFO search though the final decision was left to Jack Dorsey, the chief executive officer.
In a statement Dorsey noted that Segal possessed a track record of ensuring profitable growth, a quality Twitter currently needs as the microblogging firm has for many years struggled to translate popularity into profit. In this year’s first quarter, Twitter reported that its revenues had declined for the first time since the company went public in 2013. This is despite the fact that Twitter has tried various turnaround measures after the company’s co-founder, Dorsey, returned as the chief executive officer two years ago.
In the most recent quarterly report, Twitter also warned that growth in revenues would be slower than audience growth. The next quarterly report for the microblogging firm is expected towards the end of this month.
Twitter has also had to grapple with high-profile executive departures in the recent past. In the last one year, finance president Celia Poon, product vice president Josh McFarland and Adam Messinger, the chief technologist have all left.
According to filings Segal will receive an annual salary of $500,000 besides Twitter shares totaling 795,000. Segal also stands to receive more shares if certain metrics are met. He will also get $300,000 as a signing bonus.