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After a previous announcement that the SoFi CEO would step down by the end of the year, the firm's Board of Directors reversed course Friday and decided to implement an immediate transition. Cagney's removal comes after a scathing New York Times article citing 30 anonymous employees who detailed a pattern of sexual harassment and "frat house" culture.
In early August, former SoFi employee Brandon Charles filed a lawsuit claiming he'd witnessed coworkers sexually harassing female employees at the San Francisco-based company and been fired for reporting it. At the time, a SoFi spokesperson said Charles' allegations had been investigated internally and "found to have no merit." On August 31st, the former senior operations manager revised his complaint, adding Cagney as a defendant and implicating him in what he described as a "toxic corporate culture." "Certain male-dominated startups have developed an unchecked arrogance with a laser focus on growth and financial success while ignoring workplace regulations," it reads.
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