September 12, 2017 / 2:17 AM / in a year

Online lender SoFi CEO Cagney to step down

Sept 11 (Reuters) - Online lender Social Finance Inc said on Monday its chief executive and co-founder, Mike Cagney, would step down before the year-end.

The company, known as SoFi, has begun a search for a new CEO, and Cagney will remain in the role until a replacement is found.

Cagney’s resignation comes less than two weeks after the company said it was investigating claims of sexual harassment that emerged in a lawsuit.

Cagney said on Sept. 1 the company had discovered that several people were prepared to formally allege they were victims of or witnesses to “improper activity” at the company’s Healdsburg, California, operations office. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Amrutha Gayathri)

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