Social Finance named Executive Chairman Tom Hutton as interim chief executive officer, replacing co-founder Mike Cagney, who is stepping down immediately amid accusations of
Earlier this week, SoFi said Cagney would depart the online lending service before the end of the year while the board searched for a new CEO. In a
San Francisco-based SoFi, one of the most valuable financial technology startups, is facing a
Other high-ranking executives have also left, including the chief financial officer and chief revenue officer.
Hutton was appointed to the SoFi board in June 2012. An initial investor in the company, he serves as managing director of XL Innovate, a venture capital firm focused on insurance and financial technology. He was formerly CEO of White Mountain Re Group and Risk Management Solutions and has served as a director of several private and public financial companies.
For its new CEO, SoFi is looking for someone with a history of success in banking, rather than someone with a technology background, people familiar with the matter said.
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.
