This essay is being republished as partial of a daily facsimile of WSJ.com articles that also seemed in a U.S. imitation book of The Wall Street Journal (July 12, 2017).
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Twitter Inc. tapped a former tighten co-worker of No. 2 executive Anthony Noto to be a new financial chief, as it addresses a list of vacancies combined during a social-messaging association over a past year.
Ned Segal will start as Twitter’s arch financial officer in late August, a association pronounced Tuesday. He many recently worked for financial-software writer Intuit Inc., where he was comparison clamp boss of financial for a $2.5 billion multiplication that delivers QuickBooks to customers. Before that he was financial arch of RPX Corp., a tiny San Francisco-based association that helps clients conduct patent-related risks.
Prior to that, Mr. Segal spent scarcely 17 years during Goldman Sachs Group Inc., where he worked closely with Mr. Noto, whom he will reinstate as financial chief. Mr. Noto has hold dual jobs during Twitter given apropos a arch handling officer in Nov following a depart of longtime executive Adam Bain. Mr. Noto now will act only as COO, a association said.
Bringing in a former co-worker to fill a pivotal purpose could assistance indurate Mr. Noto’s influence. He has taken on augmenting shortcoming given fasten Twitter 3 years ago, after stints including conduct of technology, media and telecom investment banking during Goldman and as financial arch for a National Football League.
Twitter pronounced a whole government group participated in a hunt for a new financial chief, assembly with several candidates, yet Chief Executive Jack Dorsey done a final decision. Mr. Segal “brings a principled, enchanting and severe proceed to a CFO role, with a lane record of pushing essential growth,” Mr. Dorsey pronounced in a statement.
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Twitter has struggled for years to interpret a recognition into profit. For a initial entertain of this year it reported disappearing income for a initial time given a initial open charity in 2013, notwithstanding a array of turnaround measures announced after Mr. Dorsey, a co-founder, returned as CEO in late 2015.
More than a dozen executives and leaders have left Twitter in a past 12 months, including Chief Technologist Adam Messinger, Vice President of Product Josh McFarland and Vice President of Finance Celia Poon.
In May, Mr. Dorsey’s co-founder, Biz Stone, pronounced he was rejoining Twitter to concentration on a enlightenment and work on conveying elements of Twitter’s enlightenment externally.
Mr. Segal’s annual income will be $500,000, and he will accept about 795,000 shares of Twitter’s stock, in further to some-more shares if a association meets certain metrics, Twitter pronounced in a filing.
Twitter’s stock, that finished trade Tuesday adult 3.1%, was prosaic after hours following a announcement.
The shares have gained belligerent this year, though sojourn during reduction than a third of their rise value shortly after their IPO.
Intuit pronounced in a statement: “In line with a values, we support worker mobility in and out of Intuit.”
Intuit’s financial chief, R. Neil Williams, pronounced Mr. Segal leaves behind many fans during a company. “I have famous Ned for roughly 10 years and we trust his genius and appetite turn will be a large item during Twitter,” Mr. Williams pronounced in an email.
–Kimberly S. Johnson contributed to this essay
Write to Georgia Wells during Georgia.Wells@wsj.com
(END) Dow Jones Newswires
July 12, 2017 02:47 ET (06:47 GMT)