Segal, 43, will start in late August, reporting directly to Twitter CEO Jack Dorsey. He will take over the CFO role from Anthony Noto, who is currently Twitter’s CFO and chief operating officer. (Former COO Adam Bain left the company last November.)
Twitter, founded in 2006, has never posted a net profit on a generally accepted accounting principles (GAAP) basis. 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.”
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. Prior to Intuit, Segal was CFO of RPX Corporation, a publicly traded patent-risk management solutions company, and held various positions at Goldman Sachs from 1996 to April 2013, most recently as managing director, head of global software investment banking from 2009-2013.
“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.”
In a tweet, Segal said, “Believe @Twitter has an important mission and tremendous potential; can’t wait to work w/ @jack and the awesome leadership team!”
Twitter is scheduled to report financial results for the second quarter of 2017 on July 27 before market open.
Segal’s annual salary will be $500,000, and he is entitled to a signing bonus of $300,000, according to a Twitter SEC filing. In addition, the company is granting him 794,444 shares of Twitter common stock to vest over four years and 372,223 performance-based restricted stock units that vest based on hitting certain performance targets over next four fiscal years.