Twitter appointed Goldman Sachs veteran Ned Segal as its new Chief Financial Officer, the social media giant's Chief Executive Officer Jack Dorsey confirmed on Tuesday. Segal is joining the San Francisco, California-based company after a 30-month stint with financial software firm Intuit, though he spent the majority of his career at the aforementioned finance giant where he worked from 1996 to 2013, having last served as the Chief Operating Officer of Tech Banking. According to Twitter's recent filing with the United States Securities and Exchange Commission (SEC), Segal is set to receive $15 million in restricted stock unit (RSU) grants and approximately $7 million in RSUs based on the company's performance. On top of the $22 million stock vesting package that will be given to Twitter's new CFO over the next four years, he'll also earn $500,000 in annual salary and has received a $300,000 signing bonus.
Segal and Twitter's now-former CFO Anthony Noto know each other from their Goldman Sachs days, with both executives having worked in the multinational giant's investment banking unit. Twitter's new hire isn't necessarily a sign of the company being dissatisfied with Noto as the social media giant has been searching for a new CFO for some time now, with Noto doubling as the firm's finance head while simultaneously working as its COO in recent times. The executive will now be able to fully focus on his COO-related duties as Segal takes over Twitter's finances.
Segal's arrival at Twitter comes at a relatively uncertain time for the company that reported the first annual revenue decline in its history earlier this year, indicating that its days of startup-like growth could be long over. The microblogging platform has been looking to mature for years now but has yet to find a firm identity for its brand, having previously ranged from catering to customer support services and sports fans to political figures and celebrities. Today, Twitter is essentially still pursuing that catch-all strategy with mixed results, with some of its investors growing impatient to see significant returns, having previously forced the company's management to attempt selling the firm in late 2016, though their search for a potential suitor was ultimately unsuccessful.