Economy

SoFi's CEO is resigning immediately

SoFi's CEO is resigning immediately”

Online lender Social Finance, which is now investigating claims of sexual harassment by employees, said on Friday its chief executive, Mike Cagney resigned, effectively immediately.

Tom Hutton, SoFi's executive chair and now interim CEO, says, "SoFi's management and employees have built a remarkable company, and I look forward to helping the company continue to grow".

The board is also hoping to find a replacement soon, the people added, though it's unclear if Cagney's abrupt departure will give them more or less time to conduct their search.

San Francisco-based SoFi, one of the most valuable financial technology startups, is facing a lawsuit over claims of sexual harassment and fraudulent actions by managers.

SoFi has a non-traditional work culture, hosting cocktail parties, yoga sessions and singles meetups for its customers, which it refers to as members.

His resignation comes just days after he announced he would be step down at the end of the year over allegations of sexual harassment by its employees. Venture capitalists have also faced criticism over their treatment of female entrepreneurs.



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