SAN FRANCISCO - SoFi Technologies, Inc. (NASDAQ: NASDAQ:SOFI), a finance services company, announced the appointment of two new members to its board of directors. William Borden and Gary Meltzer joined the board effective June 27, 2024, with their terms set to expire at the 2025 annual meeting of stockholders.
The addition of Borden and Meltzer expands SoFi's board to thirteen directors. Meltzer will also serve on the company's audit committee. Both directors will receive the standard non-employee director compensation as outlined in the company's Proxy Statement.
William Borden, 61, brings extensive experience in financial services and banking technology. He currently serves as Corporate Vice President of Worldwide Financial Services at Microsoft (NASDAQ: NASDAQ:MSFT) and has held leadership roles at Bank of America Merrill Lynch (NYSE:BAC) and Citigroup. Borden also has board experience with HUB, a cloud technology solutions provider, and the National Black MBA Association.
Gary Meltzer, 61, has a 35-year background in public accounting, including as a Managing Partner at PricewaterhouseCoopers LLP. He serves as a strategic advisor to Pontoro, Inc. and holds board and audit committee chair positions at ExcelFin Acquisition Corp. (NASDAQ: XFINU) and Apollo Realty Income (NYSE:O) Solutions, Inc. Meltzer is also a board member of the American Century Mutual Funds.
There are no disclosed arrangements or understandings between Borden, Meltzer, and any other persons related to their appointments. Additionally, there are no transactions involving Borden or Meltzer that require disclosure under SEC regulations.
SoFi will enter into an indemnification agreement with both appointees, similar to those with other directors, providing protection against certain liabilities associated with their board duties.
The appointments come as SoFi continues to navigate the expanding financial services landscape, with the expertise of Borden and Meltzer expected to contribute to the company's strategic direction and governance.
This news is based on a recent SEC filing by SoFi Technologies, Inc.
In other recent news, SoFi Technologies reported first-quarter 2024 adjusted revenue and EBITDA of $581 million and $144 million, respectively, surpassing both BofA Securities' estimates and the consensus.
Despite exceeding expectations, BofA Securities reduced its price target for SoFi from $9.50 to $9, maintaining a neutral rating. Similarly, UBS and Keefe, Bruyette & Woods kept their neutral stance, lowering their price targets as well.
BTIG started covering SoFi with a neutral rating, highlighting potential issues such as credit trend problems, capital level concerns, and the possibility of increased banking regulations. SoFi's unique accounting methods and the risk of marking down the fair value of its portfolio were also noted.
In line with diversifying its capital sources and enhancing lending capabilities, SoFi completed a $350 million personal loan securitization with PGIM Fixed Income. SoFi has also made strategic moves to strengthen its balance sheet, including the exchange of convertible notes for common shares and the issuance of new convertible notes.
Lastly, SoFi projects a 50% increase in the Financial Services and Technology segments by 2024, indicating potential for expansion and innovation. These are some of the recent developments in the company.
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