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SoFi’s CEO is resigning immediately

Mike Cagney has been battling sexual harassment allegations at the lending startup.

SoFi CEO Mike Cagney Vjeran Pavic for Re/code

It turns out the embattled CEO of SoFi couldn't last until the end of the year.

Mike Cagney, the head of the high-flying lending startup who has over the last week been battling ugly sexual harassment allegations at his company, is now stepping down as CEO. He is also stepping down immediately from the company’s board. Earlier this week, the company said Cagney would resign “by year end” once his successor had been chosen.

It seems the allegations were making that delay close to impossible, with more revelations about his behavior potentially on the way.

“SoFi’s management and employees have built a remarkable company, and I look forward to helping the company continue to grow,” said Tom Hutton, the company's executive chair and its new interim CEO, in a statement. “The business is strong, stable and well-positioned. For now, there is no more important work than paving the way for future success by building a transparent, respectful and accountable culture.”

The company said it will now “accelerate” the search for a permanent replacement.

(Disclosure: SoFi has been a Recode podcast sponsor.)

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