Twitter’s New CFO Ned Segal Receives $ 15 Million In Stock Upon Arrival

by bold-lichterman

Twitter announced this Tuesday July 11 the appointment of Ned Segal as CFO. He was previously Senior Vice President of Finance at Intuit. In addition, Ned Segal worked for almost 16 years at Goldman Sachs, in investment banking. He will replace Anthony Noto, former CFO promoted to COO last November.

As part of his missions, Ned Segal will receive an annual salary of $ 500,000, according to information reported by TechCrunch. To this is added a bonus of $ 300,000 if he remains at least one year in his post, and 794,000 Twitter shares, valued at $ 15 million at present. He will be able to receive 372,000 additional shares, valued more than $ 7 million today, if the company achieves its performance objectives.

For the moment, the microblogging site has still not found the recipe for profitability. It has indeed achieved a loss of 457 million dollars for the year 2016, for a turnover of 2.5 billion dollars. Last October, he announced cuts of around 9% of its workforce, to limit its losses. Rumors of redemption of the social network to the blue bird have been running for several months. Disney, Google and even Salesforce had expressed their interest in the company, before throwing in the towel one after the other.

Read also: Twitter lost nearly a billion dollars in two years

Photo credit: Twitter