Twitter continues to shake up its executive ranks, and the latest is a double-doozy. Today the company announced in an SEC filing that it would be appointing a new CFO — the hotshot banker Anthony Noto, who helped lead Twitter’s public offering as the co-head of Goldman Sachs’ Technology, Media and Telecom Investment Banking group — and at the same time would be shifting its current CFO, Mike Gupta, to a new role as SVP in charge of strategic investments.
The change would happen within the next 30 days, the company says.
Noto, you may recall, was supposed to take on a new job as announced in May of this year, jumping from Goldman to hedge fund Coatue. He never actually started there, however.
It’s not clear who approached who for the Twitter role, but Noto was very public today — on Twitter, of course — in thanking Coatue for the chance to move.
“Thank you to Philippe & Thomas at Coatue for your support in making a once in a lifetime opportunity at @Twitter possible. #forevergrateful”, he wrote, earlier noting that he “could not be more excited” about joining the company.
Gupta, meanwhile, also is making it clear that he is cool with the move.
Twitter has been a house full of revolving doors of late, with a number of notable employees parting ways with the flock in the wake of the IPO. They have included its COO Ali Rowghani and its head of media Chloe Sladden, among others.
Why? The cynical spin is that, six months after Twitter has gone public, the company has what some have described as a growth problem. The changes, therefore, are happening to try to fix that before things turn dire.
The more sympathetic spin? Six months after its IPO, the company continues to be laser focused on user growth and building out its revenue strategy, which today is based almost entirely around advertising, and this is about concentrating the team more carefully around that vision and the leadership that remains in place.
My take: I think you can triangulate between those two because Twitter remains a company full of huge promise, even if the big blue bird is not flying straight into the black.
Noto is an interesting choice to put in at the helm as CFO. He’s covering a couple of different bases for the company: the ability to present Twitter’s story well to Wall Street, and potentially to one of the key verticals that Twitter has been targeting for advertising and audience growth: sports. Between two different stints at Goldman, he had been the CFO for the National Football League.
More to come.