Twitter Dick Costolo to Exit After The Announcement of The New CEO

Dick Costolo, former CEO of Twitter, stepped down from his position in July but is still in the board of the company. According to a Bloomberg report, the former CEO is likely to exit Twitter board once the new CEO is announced. It’s believed that a CEO will be announced in September, 2015. This was not only reported by Bloomberg but it was also confirmed by The New York Times as well as Recode.net.

According to reports it has been said that Twitter is looking to make the board diverse by including directors from different backgrounds, who have experience in different industries such as e-commerce and advertising. After Dick Costolo stepped down as CEO of Twitter, Inc., Jack Dorsey, co-founder, was named the interim CEO.

Twitter wants to diversify its board so last year it added former executive Marjorie Scardino as the first woman director to its board. Jack Dorsey and Adam Bain, Sales Head at Twitter, are the two lead candidates. Currently in the board there is Jack Dorsey and Evan Williams who are the co-founders and the former CEOs, a Vice Chairman Peter Fenton, others include David Rosenblatt, Peter Currie and Peter Chernin who are all from diverse backgrounds and are senior operating executives.

On one hand, Adam Bain can be made the new Chief Executive Officer, with Jack Dorsey and Evan Williams as Chief Product Advisors. On the other hand, Jack Dorsey can be made the new CEO with Adam Bain as the President and Chief Operating Officer. Sources at Square, a payments company has said that CEO Jack Dorsey has recently showed that he will stay as one of the top leaders of the company and as stated by Twitter earlier that if a person is a CEO at another company he cannot be assign the same designation at Twitter. So this clearly shows that Jack Dorsey will not get a permanent position as CEO at Twitter.

These are all the Twitter Insiders, on the outside there are a few eligible candidates that Spencer Stuart has been assigned to evaluate. Some of the eligible options include Yahoo, Inc.’s former CEO Ross Levinsohn and Instagram’s founder Kevin Systrom. Although the social media network seems more interested in Instgram’s founder. Initially Twitter had tried to buy Instagram but was outplayed by Mark Zuckerberg.

Considering that the company isn’t doing all that well, it should just announce the CEO already as, any later it will be hard to retain its current shareholders. Robert Peck, an analyst at SunTrust, said that the company should not waste so much time in picking and announcing the CEO and should retain Jack Dorsey as the permanent CEO of the company, as he is familiar and well aware of the company’s products and future prospects.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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