TIME Companies

Twitter Continues Shaking Things Up By Hiring New CFO

Anthony Noto speaks onstage at TechCrunch Disrupt NY 2013 at The Manhattan Center on May 1, 2013 in New York City.
Anthony Noto speaks onstage at TechCrunch Disrupt NY 2013 at The Manhattan Center on May 1, 2013 in New York City. Brian Ach—Getty Images

Anthony Noto, a former managing director at Goldman Sachs, will replace Mike Gupta as Twitter's chief financial officer, the latest swap as the company makes significant changes to its executive staff after stalled user growth and a slumping share price

Twitter’s longtime chief financial officer is being replaced by a former Goldman Sachs banker. Mike Gupta, who has served as Twitter’s CFO since 2012, will be succeeded by Anthony Noto, formerly the managing director of Goldman’s technology, media and telecom investment banking group.

Gupta will remain at Twitter, taking on a new role as senior vice president of strategic investments.

Noto already has a close relationship with Twitter — his group at Goldman helped organize Twitter’s extremely successful Initial Public Offering in November. Noto had been planning to leave Goldman for a hedge fund, but he’s now taken the role at Twitter instead.

Twitter has been making significant changes to its executive staff in the wake of stalled user growth and a slumping share price. Chief Operating Officer Ali Rowghani (also a former CFO at Twitter) resigned in June, with some reports pegging his departure to the social network’s unimpressive growth numbers. The company has yet to hire a new COO.

Noto’s compensation will include a $250,000 base salary, a one-time stock award of 1.5 million Twitter shares and 500,000 shares in stock options. The package is worth more than $85 million at Twitter’s current share price.

Twitter shares were up about 4% to $42.70 in early morning trading following the announcement of Noto’s hire.

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