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SoFi CEO Cagney to step down immediately

(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.

READ MORE (Yahoo Finance)

  • SoFi's CEO is resigning immediatelyRecode
  • SoFi CEO Mike Cagney abruptly steps down after harassment claimsSFGate
  • SoFi CEO steps down abruptly, facing allegations of fostering toxic cultureLos Angeles Times
  • SoFi Board Says CEO Is Out Immediately Amid Sexual Harassment ScandalNew York Times
  • SoFi Taps Chairman Hutton for Interim CEO as Cagney DepartsBloomberg
  • SoFi CEO to leave 'immediately' amid sex-harassment fracasNew York Post
  • Fat cat frat boys take on the worst of banking and techFinancial Times
  • SoFi CEO Cagney Resigns, Effective
  • SoFi Chief Executive Mike Cagney to Leave Firm ImmediatelyWall Street Journal (subscription)

This post first appeared on The 5th News, please read the originial post: here

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SoFi CEO Cagney to step down immediately


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