Sep 15, 2017

SoFi CEO Mike Cagney resigns effective immediately

Screen-grab from CNBC Mad Money in March: https://youtu.be/sUxxbKsvrdQ

SoFi said today in a press release that Executive Chairman Tom Hutton would be assuming responsibilities of Interim CEO, after the Board accepted co-founder Mike Cagney's resignation effective immediately.

Why it matters: Cagney was expected to finish out the year as CEO, but plans have changed in the past few days. A source familiar with the situation told Axios the board determined it was "just not tenable" for Cagney to remain in the position. All of this comes due to allegations of misconduct by Cagney, including a case of sending lewd texts to a SoFi employee.

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Updated 41 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 6,804,044 — Total deaths: 362,678 — Total recoveries — 2,788,806Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,909,077 — Total deaths: 109,497 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Some people are drinking and inhaling cleaning products in attempt to fight coronavirus, CDC says Fauci: "Very concerned" about spread of virus amid George Floyd protests — Cities offer free testing for protesters.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model as use of robots accelerates.
  5. Business: Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.

In photos: George Floyd's North Carolina memorial service

The remains of George Floyd are brought into Cape Fear Conference B Church. Photo: Ed Clemente/POOL/AFP via Getty Images

Hundreds gathered in Raeford, North Carolina to honor George Floyd, whose death in Minneapolis nearly two weeks ago has sparked nationwide protests against police brutality.

The state of play: This is the second memorial for Floyd. A number of his family members remain in Raeford, including his sister. He was born in Fayetteville, North Carolina, The News and Observer reports.

George Floyd updates

A protester holds a placard reading "Covid kills People, Racism kills Communities" as they attend a demonstration in Manchester, northern England, on June 6, to show solidarity with the Black Lives Matter movement in the wake of the killing of George Floyd. Photo: Paul Ellis/Contributor.

Thousands are gathering for a day of protests in Washington, D.C., almost two weeks after George Floyd's killing. Protesters in Australia and Europe staged anti-racism demonstrations on Saturday as well.

What's happening: A memorial service for Floyd is taking place in Raeford, North Carolina — near where he was born. Gov. Roy Cooper ordered all flags to fly at half-staff to honor Floyd until sunset. Thousands of demonstrators have gathered in Philadelphia and Chicago.