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SoFi's CEO Steps Down as Sexual Harassment Claims Damage Morale

The chief executive officer of Social Finance Inc. is stepping down before the end of the year amid Sexual Harassment accusations leveled at one of the most valuable financial technology startups.

Michael Cagney becomes the highest-profile executive to depart the online lending service that’s grappling with a lawsuit claiming harassment and fraudulent actions by managers.

That behavior has fueled a toxic work environment and blurred reporting lines for staff, according to the people, who asked not to be identified talking about sensitive internal matters.

The firm has started a search for a successor and Cagney will remain in his role until the board makes its selection, the company said in a statement.

The case was expanded this month to allege that the startup’s chief executive “fosters a sexually charged corporate culture that condones unlawful conduct,” and deters victims from speaking out.

READ MORE (Yahoo Finance)

  • The CEO of SoFi says he will step down following sexual harassment allegationsRecode
  • SoFi's Mike Cagney Quits Amid Allegations of Misconduct and Sexual HarassmentFortune
  • The CEO of Social Finance will step downTechCrunch
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  • Mike Cagney, CEO of financial tech leader SoFi, to resign amid sexual ...Los Angeles Times
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  • Chief Executive of Social Finance, an Online Lending Start-Up, to Step DownNew York Times
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SoFi's CEO Steps Down as Sexual Harassment Claims Damage Morale


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