CEO’s Abrupt Exit Puts Fintech Firm in Spotlight

Bill Coletti, Kith’s CEO was featured in the Wall Street Journal’s Risk & Compliance Journal Crisis of the Week: CEO’s Abrupt Exit Puts Fintech Firm in Spotlight

“The SoFi board was forced to act quickly and did so in a way that was transparent and compassionate–it just took two bites. SoFi likely wishes it had removed Mr. Cagney right away rather than allow him to transition out of the CEO role, given the backlash. However, SoFi listened to its critics following its initial CEO transition announcement and course-corrected quickly.

“SoFi’s internal communications conveyed a tone of empathy; too often companies…are aloof or even crass in their messaging to employees. It’s critical employees understand their employer takes these issues seriously and SoFi did a solid job in acknowledging the problem and explaining what would happen next. Increasingly, and appropriately, companies are writing internal communications with the expectation they will be shared with media. This has forced companies to be more human in their reactions and to be held accountable not just by employees but by the public, as well.”