SoFi Board Says C.E.O. Is Out Immediately Amid Sexual Harassment Scandal
- 7 years ago
SoFi Board Says C.E.O. Is Out Immediately Amid Sexual Harassment Scandal
“For now, there is no more important work than paving the way for future success by building a transparent, respectful and accountable culture.”
Mr. Cagney, 46, said in a letter on Monday that he would leave his position at the end of the year amid a sexual harassment lawsuit, accusations
that he had inappropriate relationships with company employees and questions about whether he had skirted risk and compliance controls.
Social Finance, a privately held online lender and technology start-up, said on Friday
that Mike Cagney would step down immediately as chief executive, accelerating a departure announced this week amid a sexual harassment scandal.
The board of the company, which is based in San Francisco and known as SoFi, said
that Tom Hutton, the executive chairman, would be the interim chief executive and would take over day-to-day management responsibilities.
SoFi was sued last month by a former employee who argued
that sexual misconduct at the company had created a toxic work environment and that he had been fired for reporting sexual harassment to managers.
The company is valued at more than $4 billion and has raised $1.9 billion from venture
investors, including Baseline Ventures, Discovery Capital and SoftBank.
“For now, there is no more important work than paving the way for future success by building a transparent, respectful and accountable culture.”
Mr. Cagney, 46, said in a letter on Monday that he would leave his position at the end of the year amid a sexual harassment lawsuit, accusations
that he had inappropriate relationships with company employees and questions about whether he had skirted risk and compliance controls.
Social Finance, a privately held online lender and technology start-up, said on Friday
that Mike Cagney would step down immediately as chief executive, accelerating a departure announced this week amid a sexual harassment scandal.
The board of the company, which is based in San Francisco and known as SoFi, said
that Tom Hutton, the executive chairman, would be the interim chief executive and would take over day-to-day management responsibilities.
SoFi was sued last month by a former employee who argued
that sexual misconduct at the company had created a toxic work environment and that he had been fired for reporting sexual harassment to managers.
The company is valued at more than $4 billion and has raised $1.9 billion from venture
investors, including Baseline Ventures, Discovery Capital and SoftBank.