Lawsuits and ‘negative press; around SoFi ‘have become a distraction, Cagney says in staff note

Social Finance Inc., one of the most highly valued private financial-technology startups in the U.S., said on Monday night that Chairman and Chief Executive Mike Cagney would step down by the end of the year.

Mr. Cagney said in a note to employees that recent litigation brought against the company and “negative press have become a distraction from the company’s core mission.” The company said he would remain in the role until SoFi’s...

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