SoFi Board Says C.E.O. Is Out Immediately Amid Sexual Harassment Scandal<br />“For now, there is no more important work than paving the way for future success by building a transparent, respectful and accountable culture.”<br />Mr. Cagney, 46, said in a letter on Monday that he would leave his position at the end of the year amid a sexual harassment lawsuit, accusations<br />that he had inappropriate relationships with company employees and questions about whether he had skirted risk and compliance controls.<br />Social Finance, a privately held online lender and technology start-up, said on Friday<br />that Mike Cagney would step down immediately as chief executive, accelerating a departure announced this week amid a sexual harassment scandal.<br />The board of the company, which is based in San Francisco and known as SoFi, said<br />that Tom Hutton, the executive chairman, would be the interim chief executive and would take over day-to-day management responsibilities.<br />SoFi was sued last month by a former employee who argued<br />that sexual misconduct at the company had created a toxic work environment and that he had been fired for reporting sexual harassment to managers.<br />The company is valued at more than $4 billion and has raised $1.9 billion from venture<br />investors, including Baseline Ventures, Discovery Capital and SoftBank.
