Social Finance (SoFi) CMO Joanne Bradford, who joined the San Francisco-based fintech company in 2015 as COO, is leaving at the end of May. CEO Anthony Noto announced the news in an email to staff on Friday.
“Joanne and I have been in discussions about the future of SoFi marketing since the beginning of the year, and Joanne decided this would be a good transition time for her,” Noto wrote.
Bradford will be replaced by Lauren Stafford Webb, an Intuit marketing VP who previously spent over eight years at Procter & Gamble.
Bradford was originally hired by SoFi cofounder and former CEO Mike Cagney, who stepped down in September 2017 amid a sex scandal. She helped turn SoFi into one of fintech’s best-known brands, positioning the company to welcome HENRY (high-income, not rich yet) customers in search of student loan refinancing and mortgages. SoFi paid top dollar for those borrowers; by 2017, it was spending around $750, on average, to acquire each one, according to data obtained by Fast Company.
Noto, a former Twitter executive, joined SoFi in early 2018. Hired in part for his IPO experience as a Goldman Sachs banker, he has of late been saying that a SoFi IPO is “not a priority at this point.” Instead, according to Bloomberg, he is in the process of raising an additional $500 million in private financing.