SoFi CEO to leave “immediately’ amid sex-harassment fracas

Online lender Social Finance, which is currently investigating claims of sexual harassment by employees, said Friday its chief executive, Mike Cagney, resigned, effectively immediately.

The company had said Monday that Cagney would stay on as CEO until a successor was found.

Executive chairman Tom Hutton will become interim chief executive officer, the company said Friday.

Cagney’s resignation comes after the San Francisco-based company, known as SoFi, launched an investigation this month into claims that current and former employees were sexually harassed at work.

In a note to employees Monday night, Cagney said “a combination of HR-related litigation and negative press have become a distraction from the company’s core mission” by focusing attention on him personally.


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