Twitter hires Intuit's Ned Segal as its new CFO

Twitter has a new Chief Financial Officer- Ned Segal who was most recently the senior vice president of finance at Intuit in Silicon Valley. CEO Jack Dorsey announced the news on Tuesday. Segal will take over the role next month from Anthony Noto, who will remain chief operating officer.

Twitter has a new CFO: @nedsegal! Welcome to the flock

— jack (@jack) July 11, 2017

“Ned’s experience in financial operations as a public company and business unit CFO, along with his background serving technology companies and investors, are an ideal fit for Twitter as we work to extend our positive momentum, continue growing our audience and achieve greater operating efficiency,” Dorsey said in a statement. “He brings a principled, engaging and rigorous approach to the CFO role, with a track record of driving profitable growth.”

At Intuit, Segal was senior VP of finance for the Small Business Group, leading financial and strategic planning for the company’s $2.5 billion division that provides QuickBooks, Payments and Payroll to several million customers. Segal, in a statement, said he has “long admired Twitter’s impact in the world, and I’m committed to helping the company build on its recent momentum, allocate resources against its greatest priorities, and continue toward its goal of GAAP profitability and beyond.”

The appointment will help relieve some pressure from Dorsey, who is also the CEO at Square, and Noto, who was serving two executive roles at Twitter.

A longtime Goldman Sachs banker, Segal brings with him lots of Wall Street experience but the real question will it be enough and relevant to the world of advertising and media in which Twitter operates. The micro-blogging site has received a lot of flak for not doing a great job of explaining its value to investors and users alike.

Segal will report directly to Dorsey in his new role, but will not be on Twitter’s second-quarter earnings call at the end of the month. He will join Twitter in late August.