Anthony Noto has resigned as Twitter’s chief operating officer after accepting the CEO role at online-lending startup SoFi.

Twitter shares dropped 3.5% in premarket trading Tuesday on the announcement. Reports that Noto was considering leaving Twitter to join SoFi circulated late last week.

Twitter said Noto’s responsibilities will be assumed by other members of Twitter’s leadership team. Matt Derella, Twitter’s VP of global revenue and operations, will continue to lead the company’s advertising sales.

Noto’s departure is “an incremental negative” for Twitter, Cowen & Co. analyst John Blackledge wrote in a research note. During his tenure at the company, Noto has led several strategic initiatives — including its push into live premium video — serving as a crucial lieutenant to CEO Jack Dorsey, who splits his time serving as the CEO of payment provider Square. Apart from Dorsey, no other C-level exec at Twitter has been with the company for more than two years, Blackledge noted.

“Anthony has been an incredible advocate for Twitter and a trusted partner to me and our leadership team,” Dorsey said in a statement. “On behalf of the entire team, I want to thank Anthony for his passion and his impact, and congratulate him on his new role.”

Noto had served as chief operating officer since November 2016, after joining as CFO in July 2014. Before Twitter, Noto served for almost four years as co-head of global telecom, media and technology investment banking at Goldman Sachs. He joined Goldman Sachs in 1999, was named partner in 2004, and served as the head of communications media and Internet equity research. Before returning to Goldman, Noto spent almost three years as CFO of the NFL.

Noto will join San Francisco-based SoFi effective March 1 as CEO and a member of its board. Interim CEO Tom Hutton, who also has been serving as executive chairman, will become non-executive chairman of the board. “The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO,” Hutton said in a statement.

Founded in 2011, SoFi has issued more than $25 billion in funded loans to more than 430,000 consumers. “I’m grateful to the SoFi board for this extraordinary opportunity to lead one of the most important new companies at the intersection of technology and finance,” Noto said in a statement provided by SoFi.