Twitter (NYSE:$TWTR) CEO Jack Dorsey announced late in the day on July 11 that the company has hired a new chief financial officer: Ned Segal. Segal had previously served as senior vice president (SVP) of Finance at software company Intuit (NASDAQ:$INTU). According to a filing to the U.S. Securities and Exchange Commission (SEC), Segal will begin his position as Twitter’s CFO in late August.

Segal confirmed the news by tweeting, “Believe @Twitter has an important mission and tremendous potential; can’t wait to work w/ @jack and the awesome leadership team!”

Following the news, Twitter’s shares went up by 3% in after-hours trading. However, the tradeoff for the small stock rise was pretty big: the social media network company will be giving Segal about $22 million worth of stock vesting in the next four years, along with $15 million in restricted stock unit (RSU) grants and about $7 million in performance-based RSUs. Additionally, Segal will be receiving an annual salary of $500,000 plus a signing bonus of $300,000.

Segal will be taking over for Anthony Noto, who has been serving as both Twitter’s CFO and chief operating officer (COO). Originally Twitter’s CFO, Noto took the COO position last year after Adam Bain stepped down from his role as Twitter’s COO. Noto will serve as COO full-time at Twitter after Segal assumes the CFO position.

With Twitter struggling recently with its revenues and user growth, Segal will be joining the company during a challenging time –, especially regarding the company’s finances. Twitter reported its first year-over-year decline in revenue just last quarter. Following the report, the company warned investors that it was expecting a slow revenue and audience growth in 2017.

As investors show increasing concern over Twitter’s lack of results, the social media network company’s stock has lost about three-quarters of its value over the last few years. Adding on to poor performance, the company also saw a number of changes in its management team.

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