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

  • Biggest U.S. banks strong enough to withstand recession: Fed

    Economic CTV News
    In this Thursday, Nov. 17, 2016, file photo, Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, before the Joint Economic Committee. (AP Photo/Susan Walsh, File) Source
  • Postmedia selling Infomart division

    Economic CBC News
    Postmedia Network Canada Corp. has signed a deal to sell Infomart, its media monitoring division, to Meltwater News Canada Inc. for $38.25 million. The cash-strapped media company says net proceeds from the sale will be used to repay debt. Source
  • A new platform for Whole Foods? How deal could upend grocery

    Economic CTV News
    NEW YORK -- Seeing Whole Foods products first in Amazon searches? Breezing through the grocer's stores with an app that scans affordable fruits and seafood? Those are among the possible scenarios that unnerved the food industry last week, when Amazon announced a $13.7 billion megadeal to acquire Whole Foods. Source
  • Foreign home buyers surge 37 per cent in Montreal on growth in Chinese purchases

    Economic CTV News
    MONTREAL -- Canada's federal housing agency says the number of foreign buyers in the Montreal area surged by 37 per cent in the first four months of the year. The 236 purchases by foreigners accounted for 1.8 per cent of all real estate transactions from January to April, the Canada Mortgage and Housing Corp. Source
  • Qatar Airways seeks 10% stake in American Airlines

    Economic CBC News
    State-owned Qatar Airways is attempting to buy 10 per cent of American Airlines, a surprising move that would trigger an antitrust review by the U.S. government and carry political and trade-policy implications. American Airlines Group Inc. Source
  • Boeing plays down Bombardier dispute, still hopes to sell fighter jets to Canada

    Economic CTV News
    OTTAWA - A senior Boeing official says the U.S. aerospace giant's trade dispute with Montreal-based rival Bombardier is a "company-to-company issue." And Leanne Caret, the head of Boeing's massive defence, security and space division, still hopes to sell Super Hornet fighter jets to Canada. Source
  • Full list of 59 Sears Canada stores slated to close

    Economic CTV News
    Sears Canada will be closing stores in every province except Prince Edward Island, as the retailer slashes 2,900 jobs amid a major restructuring effort. Sears filed for court protection from creditors on Thursday, before announcing that it will close 20 full-line locations, 15 Sears Home stores, 10 outlet stores and 14 Sears Hometown locations. Source
  • Canadian retail sales top April forecasts

    Economic CBC News
    Canadian consumer spending in April was stronger than expected, which economists say lends weight to the Bank of Canada's recent suggestions that interest rate hikes could be on the way. Statistics Canada reported Thursday that retail sales for April rose by 0.8 per cent on a monthly basis to $48.6 billion. Source
  • Warren Buffett’s company buys into Toronto-based Home Capital

    Economic Toronto Sun
    TORONTO - Home Capital Group Inc. says American investment firm Berkshire Hathaway Inc. has agreed to indirectly acquire $400 million of its common shares in a private placement and provide a new $2 billion line of credit to its subsidiary, Home Trust Company. Source
  • Sears Canada cutting 2,900 jobs, closing 59 locations

    Economic Toronto Sun
    TORONTO — Sears Canada said Thursday it is seeking court protection from its creditors in order to restructure its business. The struggling retailer has piled up losses and seen its stock dive, losing more than 80 per cent of its value in the last year, despite efforts to reinvent itself at a time when more Canadians are shirking bricks-and-mortar in favour of online shopping. Source