SoFi CEO to leave immediately after sexual harassment claims

Social Finance said Friday chairman and CEO Mike Cagney will step down effective immediately following claims of sexual harassment and improper loan paperwork.

In a statement, SoFi said executive chairman Tom Hutton will step in as interim CEO as it accelerates its search for a new chief executive.

"The business is strong, stable and well-positioned," said Hutton in a statement. "For now, there is no more important work than paving the way for future success by building a transparent, respectful and accountable culture."

Earlier this week, SoFi said Cagney would step down, but remain in the CEO role until his replacement was found.

Last month, SoFi was sued by former employee Brandon Charles, claiming he was fired for reporting sexual harassment of female colleagues and improper recording of loans by managers. Earlier this month, Cagney confirmed in a company memo that SoFi hired attorneys to investigate the claims.

SoFi is another example of a Silicon Valley company reeling from reports of a toxic workplace culture. Recently, Uber hired Dara Khosrowshahi as its new CEO after co-founder Travis Kalanick resigned in June from the ride-hailing service under pressure from investors.

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Follow Brett Molina on Twitter: @brettmolina23.