Tech: Twitter has a new CFO, and he costs more than $22 million (TWTR)

Twitter hired Intuit's Ned Segal to be its new Chief Financial Officer on Tuesday. He will be payed roughly $22 million in stock as part of the deal.

Twitter has a new Chief Financial Officer: Ned Segal.

CEO Jack Dorsey announced the news in a tweet on Tuesday. Segal was previously the SVP of Finance at software maker Intuit. He starts at Twitter in late August, according to a filing with the SEC.

Shares of Twitter spiked 3% on the news in after-hours trading.

Twitter is giving Segal roughly $22 million in stock, some of which will vest in four years and some of which is tied to company performance. His annual salary will be $500,000 and he is receiving a signing bonus of $300,000.

Segal will take over the CFO role from Anthony Noto, who has been serving double duty as COO and CFO since November. Noto will stay on as full-time COO, a role he filled when Adam Bain left last year.

Like Noto, Segal is a veteran of Goldman Sachs. Both men worked in the investment banking division together before eventually joining tech companies.

Segal is entering the challenging role of steering Twitter's finances. The company reported its first ever year-over-year decline in revenue last quarter and cautioned that it expects revenue growth to continue to "meaningfully lag audience growth in 2017."

Twitter hired Intuit's Ned Segal to be its new Chief Financial Officer on Tuesday. He will be payed roughly $22 million in stock as part of the deal. Read Full Story