There is a renewed investor interest in the company despite its lagging behind its peers in terms of size and profitability.
In a significant development, San Francisco-based Twitter Inc has a former managing director of Goldman Sachs, who is also a senior vice president of finance at Intuit Inc, as its chief financial officer beginning from late August.
In a statement, Twitter said, its current CFO and CEO, Anthony Noto, will remain at the company as its COO.
Segal’s appointment comes at a time when investors are demonstrating a renewed interest in Twitter, which lags behind its peers, such as Facebook, in terms of profitability and size.
Twitter’s stock is up by 32% since April 2017 after hitting its yearly low of $14.12. Its share rose by 3% before the announcement of Segal’s appointment.
In April, Twitter had reported better-than-expected growth in the number of users, which can be partly related to interest in political news and comments.
As per Twitter’s Chief Executive, Jack Dorsey, Segal was is an ideal fit for the company given the range of his experience.
“He brings a principled, engaging and rigorous approach to the CFO role, with a track record of driving profitable growth,” said Dorsey in a statement.
In a statement Segal said, he was committed to helping Twitter “continue toward its goal of GAAP profitability.”
According to a filing by Twitter to the securities exchange, Segal is entitled to receive a signing bonus of $300,000 with his annual salary pegged at $500,000. He is also eligible to receive 1.2 million shares of the company, subject to conditions and vesting.
Twitter will be reporting its second quarters earning on July 27.