SoFi's CEO Steps Down as Sexual Harassment Claims Damage Morale
- Mike Cagney will depart the post before the end of the year
- The firm has already started looking for a successor
Mike Cagney, co-founder and chief executive officer of Social Finance Inc., speaks during a Bloomberg Technology television interview in San Francisco, California, on Monday, Dec. 19, 2016. The online lending company known as SoFi, which specializes in refinancing student loans, is pushing back plans for an initial public offering in order to focus on developing other business lines, said Cagney.
Photographer: David Paul MorrisThe chief executive officer of Social Finance Inc. is stepping down before the end of the year amid sexual harassment accusations leveled at one of the most valuable financial technology startups.
Michael Cagney becomes the highest-profile executive to depart the online lending service that’s grappling with a lawsuit claiming harassment and fraudulent actions by managers. Cagney has engaged in at least one inappropriate relationship with a female employee, with suggestions of others, according to people familiar with the matter. The New York Times earlier reported on the resignation and some of the allegations.