(Reuters) - Online lender Social Finance, which is currently investigating claims of sexual harassment by employees, said on Friday its chief executive, Mike Cagney resigned, effectively immediately.
Cagney's resignation comes after the San Francisco-based company known as SoFi launched an investigation this month into claims that current and former employees were sexually harassed at work.
SoFi targeted students from elite institutions such as Stanford and Harvard and young people skeptical of traditional banks in the wake of the financial crisis flocked to the new platform.
In a note to employees on Monday, Cagney said "a combination of HR-related litigation and negative press have become a distraction from the company's core mission" to focusing attention on him personally.
SoFi has a non-traditional work culture, hosting cocktail parties, yoga sessions and singles meetups for its customers, which it refers to as members.
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