Twitter COO Anthony Noto Resigns, Stock Tumbles

Twitter Inc (NYSE:TWTR) announced that Chief Operating Officer Anthony Noto has stepped down. He notified the social media firm of his resignation last night, saying that he is accepting the chief executive officer role at another firm.

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Twitter announces Anthony Noto’s resignation

Twitter said this morning that other members of the executive team will assume Noto’s responsibilities in the areas of business operations and revenue generation. Vice President of Global Revenue and Operations Matt Derella will continue leading Twitter’s ad sales. It’s not immediately clear who will take his place. Many have seen Noto as the most important Twitter executive for years.

“It has been an honor to work alongside Jack and contribute to the success of one of the most impactful platforms in the world,” Anthony Noto said in a statement. “While it’s bittersweet to depart, I have the utmost confidence in Twitter’s future and look forward to watching the wonderful success the team will continue to achieve.”

Citing sources close to Anthony Noto, Recode reports that he has long wanted to take the helm at Twitter, and he has acted as a sort of de-factor chief executive at the social media firm. Jack Dorsey still works part time at Twitter in the CEO role, splitting his time between Twitter and Square.

Anthony Noto takes the helm at SoFi

It’s unclear whether Noto’s resignation from Twitter is effective immediately, but Social Finance Inc. announced this morning that he will take the helm starting on March 1. Citing sources familiar with the matter, The Wall Street Journal reported over the weekend that the former Goldman banker was considering taking the CEO post at the finance startup, also known simply as SoFi.

Former CEO Mike Cagney left the firm in September. Since his departure, Tom Hutton has been serving as interim chief executive and executive chairman. When Anthony Noto takes up the top post in March, Hutton will become the non-executive chairman of the board.

Twitter stock tumbled on Monday, the first trading day after it was reported that Noto might leave the company. The shares continued to fall on Tuesday, declining by as much as 3% to $22.41 in early trades before bouncing.