Twitter Names Goldman Sachs Executive To CFO Post

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Photo by Brian Ach/Getty Images  for TechCrunch

Photo by Brian Ach/Getty Images for TechCrunch

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(AP) — Twitter is hiring a Goldman Sachs executive as its new chief financial officer.

The social media site hired Anthony Noto, 46, to replace current CFO Mike Gupta, who steered the San Francisco company through its IPO in 2013 and is becoming senior vice president for strategic investments in the next month.

Noto was previously managing director in the technology, media and telecom investment banking group at Goldman Sachs.

In the new role Noto will earn an annual salary of $250,000 and be granted a one-time stock award of 1.5 million shares vesting over four years. He’ll also get a grant to buy 500,000 additional shares.

Twitter shares rose $1.80, or 4.4 percent, to $42.77 during morning trading. The stock has fallen about 36 percent since the beginning of the year.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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