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The Wall Street Journal: SoFi CEO to step down by year’s end amid ‘negative press’

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.

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 board of directors chooses a successor, a process that it has already started.

On Sunday, The Wall Street Journal reported that Cagney was previously involved in a dispute with a lower-level employee that resulted in a settlement approved by the board.

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