SoFi CEO Forced Out Over Sexual Harassment Allegations

SoFi CEO Forced Out Over Sexual Harassment Allegations”

Following allegations of sexual misconduct and fraudulent actions by managers, Cagney announced in a memo to employees at the country's biggest online lender that he would be stepping down.

Without a deposit base, the company has relied on investors to fund its lending business. Cagney will relinquish his role as executive chairman immediately. The company has lent over $20 billion to more than 350,000 borrowers in the past six years. Some of the executives including the firm's former Finance Chief said the main reason to step him down is that the improper behaviour towards the women.

However, the Cagney appreciated the company's growth and performance. He added that the concentration of the officials shifted more towards the litigations especially on me personally. Although he said that he "could not be prouder of the company we've built together", he noted that "the combination of HR-related litigation and negative press have become a distraction from the company's core mission".

SoFi's investors, who have put almost $2 billion into the company, include SoftBank and Peter Thiel. Ultimately, the firm is going to do the challenge with the traditional lenders.

Cagney stated that the funding of the company in loans is about $3.1 billion.

Previous year the company funded $3.1 billion in loans, earning an adjusted profit of $61.6 million on $134 million in revenue. Among the issues it lobbied for was limiting the legal liability of such companies as well as "data security and breach notification" and "cybersecurity threat information sharing".

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