SoFi’s CEO Steps Down: A Social Finance CEO resigned for the company which is six years old due to the allegations of sexual harassment. An overall value of the company at present is about $4 billion.
SoFi’s CEO Steps Down due to the Sexual Harassment Allegations:
Mike Cagney is the founder of the San Francisco-based company. He does the entire business as the SoFi, and he officially stated that he would leave the firm by the end of this year. In the statement, he stated that the officials would step him down as the company’s executive chairman.
Cagney specified that his resignation would cite the various present and formerly worked SoFi employees. 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. He added that they observed it in the recent years.
SoFi’s CEO Steps Down:
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. Finally, it leads to the distraction in point of company’s core mission, and it is mainly due to the integration of HR-related litigation with the negative press.
Investors of the SoFi Company:
The investors of the company include the SoFi investors, SoftBank and Peter Thiel. They kept nearly $2 billion investments. Ultimately, the firm is going to do the challenge with the traditional lenders. It will mainly concentrate on the borrowers that it will think them as the high-income earners.
SoFi Company Fundings and Revenue:
Cagney stated that the funding of the company in loans is about $3.1 billion. The profit of this company is about $61.6 million, and the revenue is about $134 million.
At present, we are noticing many sexual harassment allegations. This issue resembles the CEO of the companies like Uber and Justin Caldbeck. He is the venture capitalist at Binary Capital.