Personnel

SoFi Finds CFO In Michelle Gill

Social Finance (SoFi) has named Michelle Gill as its next chief financial officer.

“We’re thrilled to have Michelle join the SoFi team,” according to a company statement. “She has deep financial expertise, a passion for our mission, and knows our business in and out, having been our lead banker for several years,” said Anthony Noto, CEO of SoFi. “Michelle is also an exceptional leader who has a passion for building a great culture. I look forward to partnering with her as we continue to build the next great consumer financial services company.”

She will start her new position on April 30, and replaces Steven Freiberg, who has been serving as interim CFO since last May and will remain as board vice chairman.

Gill joins the finance company from TPG Sixth Street Partners. She also spent 14 years at Goldman Sachs & Co., where most recently she was a partner co-heading the structured finance business.

“I am excited to be joining Anthony and the team at SoFi in building an innovative and inclusive culture that will radically change the way people approach their finances,” said Gill. “The company’s impressive financial strength paired with its talented team gives SoFi the opportunity to expand the breadth of its offerings and ultimately help more members achieve success.”

SoFi has been dealing with a number of staffing changes over the past year. In September, its founding CEO Mike Cagney stepped down after sexual harassment complaints, as well as accusations he had inappropriate relationships with members of SoFi’s younger female staff.

The company’s CTO, June Ou, who is also Cagney’s wife, resigned a few weeks later. And 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.

The scandals hindered future plans, including killing SoFi’s application to open a bank.

In addition, the company laid off dozens of workers in its mortgage division earlier this year.

SoFi pointed out in its statement, however, that it completed $2.6 billion in loan securitizations in the first quarter of 2018, a 35 percent increase over the prior-year period and its largest-ever quarterly ABS issuance volume.

——————————

New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.

TRENDING RIGHT NOW