Twitter COO Anthony Noto resigns to join SoFi as CEO

Last Updated Jan 23, 2018 10:24 AM EST

Anthony Noto, the chief operating officer of Twitter (TWTR), is leaving the company to become the chief executive of financial services company SoFi. 

Noto, who joined Twitter in 2014, will begin in his new role as of March 1, SoFi said in a statement. 

A former investment banker and analyst at Goldman Sachs (GS), Noto is considered Twitter's most important executive, according to tech blog Re/Code. Shares of Twitter fell in early trading on Tuesday, dipping 76 cents to $22.58, or a decline of more than 3 percent. 

It's unclear if Twitter will replace Noto, as the company said his job of overseeing business operations and developing sales opportunities will be spread across its leadership team. 

"Anthony has been an incredible advocate for Twitter and a trusted partner to me and our leadership team," said Twitter CEO Jack Dorsey in a statement. "On behalf of the entire team, I want to thank Anthony for his passion and his impact, and congratulate him on his new role."

At SoFi, Noto will replace interim CEO Tom Hutton, who will become non-executive chairman of the board. Hutton had stepped in after SoFi's previous CEO, Mike Cagney, faced accusations of inappropriate relationships with employees and a sexual harassment lawsuit. 

Twitter shares fell 51 cents, or 2.6 percent, to $22.71.