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SoFi’s CEO Mike Cagney Will Step Down Immediately

September 15, 2017, 2:03 PM UTC

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

The company had said on 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 on Friday.

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