Jul 11, 2017

Twitter hires new CFO

Esther Vargas / Flickr cc

Twitter has hired Ned Segal as its new chief financial officer, the company said on Tuesday. Segal is replacing Anthony Noto, who was promoted to Twitter's operations chief in November following the departure of Adam Bain.

Resume: Prior to his new gig at Twitter, Segal was a senior vice president of finance at Intuit after a two-year stint as CFO of patent risk management company RPX. He began his career at Goldman Sachs in equity research and later in investment banking.

Payday: Segal's hiring comes after a long string of executive departures and changes at the social media company. According to a filing with the SEC, Segal stands to make a total of $800,000 in compensation in his first year (salary plus sign-on bonus), with an equity package that could total up to about $20 million.

Go deeper

Unemployment rate falls to 13.3% in May

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.

Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.

The difficulty of calculating the real unemployment rate

Data: U.S. Department of Labor; Note: Initial traditional state claims from the weeks of May 23 and 30, continuing traditional claims from May 23. Initial PUA claims from May 16, 23, and 30, continuing PUA and other programs from May 16; Chart: Andrew Witherspoon/Axios

The shocking May jobs report — with a decline in the unemployment rate to 13.3% and more than 2 million jobs added — destroyed expectations of a much worse economic picture.

Why it matters: Traditional economic reports have failed to keep up with the devastation of the coronavirus pandemic and have made it nearly impossible for researchers to determine the state of the U.S. labor market or the economy.

1 hour ago - Sports

How coronavirus could reshuffle the sports calendar

Illustration: Eniola Odetunde/Axios

The NBA's Board of Governors approved Thursday the league's 22-team plan to resume play at Walt Disney World — a plan that also includes tentative dates for both this season and next.

Why it matters: The league's proposed trip to Disney World not only impacts this season but could have a domino effect that impacts seasons in the future — and could permanently change what time of year the NBA plays its games.