CEO confirms major shakeup of Twitter's top ranks

San Francisco - Twitter is overhauling its top management in a major shakeup, as the social network struggles to boost its profitability and growth prospects, company CEO Jack Dorsey confirmed on Monday.

See Full Article

The revamp originally was reported by the Wall Street Journal and tech news website Re/code, before Dorsey confirmed the departure of several senior executives in a tweet sent out early Monday.

Leaving the company are Alex Roetter, head of engineering; product chief Kevin Weil; Katie Stanton, the head of media; and Skip Schipper, Twitter's vice president of human resources.

"I'm forever grateful to @aroetter, @katies, @skipschipper & @kevinweil for everything they've given to Twitter. They are absolutely amazing!" Dorsey wrote at his @jack Twitter account, adding that he was "sad" they are leaving.

Dorsey, in a longer statement, addressed what he called "inaccurate press rumors" about the overhaul, saying the departing executives "have chosen to leave the company."

"All four will be taking some well-deserved time off. I'm personally grateful to each of them for everything they've contributed to Twitter and our purpose in the world," Dorsey wrote. "They are phenomenal people!"

The Journal reported that Twitter planned to take on two new board members as early as this coming week, at least one of whom it said was a high-profile executive in the media industry.

The newspaper reported that as a condition of returning as chief executive last year, Dorsey had told Twitter that all board members must eventually be replaced. The panel includes fellow co-founder Evan Williams, one of the largest individual owners of company stock, according to the Journal.

Twitter declined to respond to an AFP request for comment.

Dorsey currently is managing two firms, Twitter and mobile payments startup Square -- both multi-billion dollar companies struggling to achieve profitability.

He is credited with coming up with the idea for Twitter when eventual co-founder Evan Williams gave workers at blogging startup Odeo two weeks to work on fun new projects as a way to break up the daily routine.

Sewing and yoga

Dorsey ran Twitter from 2007-2008 but was pushed out of the CEO chair. He was reportedly a better engineer than a boss, known to leave early for personal pursuits such as sewing or yoga classes.

He returned as interim chief executive after then-CEO Dick Costolo resigned last June, and took the job on a permanent basis in October, as Twitter deals with persistent concerns over its growth prospects.

Twitter stock recently hit a new record low and the number of users has been increasing more slowly than the company would like.

At the end of September, it had 320 million active users -- four million more than three months earlier.

In a separate development late Sunday, Jason Toff, general manager at Vine -- the video-sharing site owned by Twitter -- also announced his departure from the company.

"Personal update! I'm joining Google to work on VR (virtual reality). So much exciting potential there," wrote Toff, who also had the title Director of Product at Twitter.

"The decision to leave Vine was hard. I love the team, am so proud of what we've done and know there are incredible things ahead for them," Toff tweeted.



Advertisements

Latest Economic News

  • Massive Trump tax cuts face big hurdles as debt mounts

    Economic CTV News
    WASHINGTON -- U.S. President Donald Trump is proposing tax cuts for individuals and businesses even as Washington struggles with mounting debt and the populist president tries to make good on promises to bring jobs and prosperity to the middle class. Source
  • StatsCan says retail sales slipped 0.6 per cent in February

    Economic CTV News
    OTTAWA - Statistics Canada says retail sales fell 0.6 per cent to $47.8 billion in February due in large part to lower sales at motor vehicle and parts dealers and gasoline stations. Economists had expected a decline of 0.1 per cent, according to Thomson Reuters. Source
  • Freeland touts progress on softwood, and will be 'tough and strong' with U.S.

    Economic CTV News
    OTTAWA -- Foreign Affairs Minister Chrystia Freeland is shooting back at Donald Trump's anti-Canadian trade rhetoric saying she will be "tough and strong" in fighting for Canada's economic interests with the U.S. Freeland also says she is optimistic a new softwood lumber deal can reached, and that it will be a win for Canada and the United States. Source
  • Retail sales tick lower in February as sales of cars and gas slow down

    Economic CBC News
    Retail sales fell 0.6 per cent to $47.8 billion in February, after a strong showing in January. Sales were lower in eight provinces, Statistics Canada reported, as Ontario led the way down in dollar terms. They rose in New Brunswick and Saskatchewan. Source
  • Trump tweets don't help: 1st Twitter revenue drop since IPO

    Economic CTV News
    NEW YORK -- You'd think Twitter would be able to milk its status as U.S. President Donald Trump's megaphone. But the company still faces stagnant user growth, has never made a profit and even reported a quarterly revenue decline Wednesday, a first since going public. Source
  • Same store sales at Tim Hortons owner slip last quarter

    Economic CBC News
    The owner of Tim Hortons and Burger King is reporting flat sales at its established locations in the first quarter but a nine per cent increase in revenue, which was above analyst estimates. Restaurant Brands International Inc. Source
  • What happens if you don’t file your income taxes on time?

    Economic CTV News
    Fear of the Canada Revenue Agency (CRA) has caused grown men to burst into tears while clutching thick stacks of unopened mail. Outbursts provoked by mounting fees, compounding interest, and threats of criminal prosecution, according to a prominent Toronto tax lawyer. Source
  • If we're OK with government meddling in housing, what else is fair game?

    Economic CBC News
    There's a difference between housing and real estate. Housing is where we live; real estate is an investment. It's a pedantic but critical distinction. In all the breathless debates over housing bubbles and policy options, we look primarily at the investment. Source
  • Trump's trade actions bring uncertainty to Canadian lumber country

    Economic CTV News
    MADAWASKA, Ont. -- It didn't take long for Donald Trump's new tariffs on softwood lumber to echo in Ontario's Madawaska Valley -- a forestry-dependent area almost exactly 1,000 kilometres due north of the U.S. capital. Source
  • Asian stocks climb on hopes for U.S. tax cuts, budget deal

    Economic CTV News
    SEOUL, Korea, Republic Of -- Shares rose in Asia on Wednesday after hopes for tax cuts by U.S. President Donald Trump drove record-breaking gains overnight on Wall Street. KEEPING SCORE: Japan's Nikkei 225 jumped 1.1 per cent to 19,289.43 and South Korea's Kospi rose 0.5 per cent to 2,207.84. Source