SoFi CTO Steps Down

Social Finance’s top technology executive, June Ou, has decided to leave the company, making her the fourth senior SoFi executive to leave the firm in recent months.

A news report in The Wall Street Journal said that Ou, who is the wife of former Chief Executive Mike Cagney, has worked at SoFi since 2012, most recently serving as its chief technology officer and vice president of engineering. Her resignation follows her husband's departure earlier this month, but Ou’s exit date has yet to be determined.

“June’s leadership on the technical side has helped us scale from a small startup to serving over 350,000 members and lending over $20 billion in just six years,” a SoFi spokesman said in a statement. “We wish her all the best in her future endeavors.”

While SoFi has grown to become one of the most highly valued private financial-technology firms in the U.S. – expanding beyond student loan refinancing into mortgages, insurance, wealth management and digital banking – it has recently been dealing with executive turnover, as well as lawsuits and other accusations about its workplace culture.

Last week, a former employee filed a lawsuit against the company that accused a manager of propositioning her for sex and retaliating against her when she refused. Weeks earlier, another complaint was filed, this time from another former SoFi employee who accused the company of wrongfully terminating him after he reported another manager for harassing female employees by making sexual or inappropriate comments.

SoFi’s scandals are impacting future plans, including killing its application to open a bank and hindering any plans to sell shares to the public.

A few months before Cagney’s departure, SoFi Chief Financial Officer Nino Fanlo and Chief Revenue Officer Michael Tannenbaum also left their positions at the company. Tom Hutton, a venture capital investor and SoFi board member, assumed the title of SoFi’s interim CEO after Mr. Cagney stepped down. And Steven Freiberg, another board member and the former CEO of E*Trade Financial, is serving as acting finance chief until Fanlo’s successor is found.



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