SoFi Technologies, Inc. (NASDAQ:SOFI), a financial services company valued at $15.3 billion and showing impressive growth with a 71% stock return over the past year, disclosed the upcoming departure of one of its board members this week. Mr. Michael Bingle will resign from his position as a director of the company, effective January 13, 2025. The announcement was made in a filing with the Securities and Exchange Commission (SEC) on January 10, 2025, marking the date of the report.
According to the 8-K filing, Mr. Bingle's decision to step down is not due to any disagreements with SoFi regarding its operations, policies, or practices. The company has expressed its gratitude towards Mr. Bingle for his contributions and service during his tenure on the board.
SoFi Technologies, which operates under the legal name Social Capital Hedosophia (NYSE:SPCE) Holdings Corp. V prior to its name change on July 22, 2020, is headquartered in San Francisco, California. The firm specializes in finance services and is incorporated in Delaware. According to InvestingPro data, the company has demonstrated strong performance with 32% revenue growth and achieved profitability in the last twelve months.
The company has not provided details on a successor or the process for filling the vacancy on the board following Mr. Bingle's resignation. The news of this corporate governance change comes without any additional context regarding shifts in the company's strategy or operations.
On the other hand, Mizuho (NYSE:MFG) Securities maintained a positive stance on SoFi, raising its price target on the company's stock to $16.00, up from the previous $14.00. Furthermore, Silver Lake Technology Associates IV, L.P. and related entities sold approximately 31.2 million shares of SoFi, leading to a reduction in Silver Lake's ownership stake in the company. Lastly, SoFi CEO Anthony Noto entered into a prepaid variable forward contract on company stock, a move that will see him receive an upfront cash payment of $22.4 million. These are some of the recent developments that have been shaping the trajectory of SoFi Technologies.
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