What happened: Greg Twinney has been appointed the new chief financial officer of General Fusion
Why it matters: His move from Hootsuite comes shortly after the social media management company’s CEO revealed plans to step away from the top job
The thinning out of Hootsuite Inc.’s C-suite continues with the departure of its chief financial officer for General Fusion Inc.
Greg Twinney also served as the social media management company’s chief operating officer and interim senior vice-president of global sales before leaving in January.
General Fusion, the Burnaby firm specializing in harnessing fusion power, announced Twinney’s appointment to the CFO job Tuesday (February 18).
“Greg has a truly exceptional track record of successful financial leadership with some of the most respected technology companies in the world,” General Fusion CEO Christofer Mowry said in a statement.
“His experience and financial talents will further strengthen our world-class management team and help General Fusion deliver practical fusion technology to the global energy industry.”
Beyond Hootsuite, Twinney’s prior work experience includes serving as COO and CFO of Kobo Inc., and CFO of Opalis Software Inc.
At General Fusion he’ll be responsible for managing financial operations, investor relations and fundraising.
The appointment comes after General Fusion’s December 2019 close of US$65 million ($85 million) Series E funding round led by Singapore-based investment firm Temasek Holdings Private Limited.
Coupled with the release of a $50 million investment — secured last year from Ottawa’s Strategic Innovation Fund — the clean energy company now has its sights set on designing, constructing and operating its Fusion Demonstration Plant.
General Fusion wants the prototype plant to confirm that its technology can work in a power plant environment as it ramps up efforts to commercialize.
Meanwhile, Twinney’s departure from Hoosuite comes a few months after the tech company’s co-founder, Ryan Holmes, revealed his own plans to step down as CEO and assume the role of executive chairman.
Holmes remains at the helm of the company while the search is on for his successor.
But with Twinney’s move to General Fusion, Hootsuite is now left without a COO and CFO at the same time it’s looking for a new CEO.
Last year the social media management company reportedly laid off as much as 10% of its global workforce of 1,000 people.
Hootsuite did not confirm the number with Business in Vancouver at the time but did acknowledge layoffs had taken place.
Hootsuite has been at the centre of speculation for a possible initial public offering for years.
However, Reuters reported in 2018 the company had engaged Goldman Sachs Group Inc. to inquire about a potential sale.
That process was abandoned just before Christmas 2018 when Hootsuite determined the offers were less than the US$750 million it was aiming for, according to a January 2019 report from the Globe and Mail.
