Twitter co-founder Jack Dorsey to become CEO, report says

30 Sep 2015 | Author: | No comments yet »

Jack Dorsey is about to be named the permanent CEO of Twitter.

The Twitter cofounder and interim CEO is expected to be named permanent chief executive of the social networking firm, reports Recode’s Kara Swisher and Kurt Wagner.SAN FRANCISCO — Twitter co-founder Jack Dorsey, who has been serving as interim chief executive for the past three months, will be named the company’s permanent chief as early as Thursday, according to a published report.For the unfortunate few who have not sold their souls — and the time they used to spend with their families — to Twitter, the site’s defining characteristic is that whatever a user writes has to be 140 characters or less.

The hurdle to naming Dorsey: Whether he could run two companies at the same time, one facing a turnaround, the other having confidentially filed for an initial public offering. The naming of Dorsey to permanently lead San Francisco-based Twitter would end a prolonged search for a replacement for Dick Costolo, who announced his resignation in June after several quarters of sluggish growth and disappointing stock performance. But momentum has begun to build as Dorsey began putting his imprint on Twitter, quickening the pace of innovation and gaining the confidence of Twitter investors.

During this transition period, at least one member of the company’s board had stressed that they’d like a full-time CEO, not one that would split their duties between two companies. It’s wonderful because it’s just enough space to say something angrily self-righteous yet not enough space that you feel burdened to provide information that might support your inflammatory statement. Throughout its CEO search, Twitter’s board has maintained that it was only considering candidates who could make a “full-time commitment” to the company. Investors also have placed their faith in Adam Bain, Twitter’s revenue chief who built its advertising business. “I think Jack’s the founder of both companies,” Roelof Botha, a Square board member and Sequoia Capital venture capitalist, said in an interview with Bloomberg Television last week. “I don’t think it’s for me to judge, for me to tell him not to do that.” Dorsey, who is seen as Twitter’s product guru, served as CEO of Twitter until 2008 when he was replaced by fellow founder and then chairman Evan Williams. It appears board has finally gotten past that, and believes Dorsey is capable of successfully running two public companies, like Steve Jobs did with Apple and Pixar.

His task will be to reignite growth at Twitter which has stalled at about 300 million users and whose popularity has been surpassed by other social media services. He also said recent product initiatives had yet to produce “meaningful impact” on growth and engagement, which “is unacceptable and we’re not happy about it.” The tech news site Re/code reported Tuesday that Twitter “is building a new product that will allow users to share tweets that are longer than the company’s 140-character limit.” The story said the company’s interim CEO Jack Dorsey “is apparently supportive of a potential change, a bold stance and yet another sign that he isn’t simply keeping the CEO seat warm until Twitter finds someone permanent.” The Wall Street Journal, citing people familiar with Twitter’s planning, later reported: “One of the main issues the company is grappling with is by how much it should extend the limit and how that should look, a decision that could alter the basic Twitter experience, these people said.

As the hunt for Costolo’s replacement dragged on, key executives have bolted and Twitter’s stock has taken a beating, trading at or below $26, the company’s IPO price. One camp is in favor of simply increasing it by 10 or so characters, while another camp would rather take the time to devote resources to building a rich publishing platform that could perhaps be monetized one day.” A rich publishing platform? But two other members—Peter Currie and Marjorie Scardino—are under fire as well, because of their relatively small stake in the company and apparent lack of familiarity with Twitter itself. Chuck Grassley: “14yrs ago terrorists attacked killing 3000 of us Like 12/7/41 “lives in infamy” so will 9/11 2dayJapanese friendly Jihadists want kill us” Grassley did not need more characters.

One can easily respond to any of the above tweets with a simple “YOUR AN IDIOT!!.!” or “Shut up, you (liberal/conservative) mORON!!” And that leads to some high-quality bickering, devoid of any clunky facts, evidence or rationale. In order to realize Twitter’s full potential, we must improve in three key areas: ensure more disciplined execution, simplify our service to deliver Twitter’s value faster, and better communicate that value.” But besides Twitter, how will Dorsey deal with the fact that his other company is getting ready to go public very soon? It appears at the very least that Dorsey’s vision has finally won Twitter’s board over, even to the point where they’ve probably backtracked on that whole “no part-time CEO” thing. If I wanted thoughtfulness, I would engage in a mouth-moving, sound-making talky thingy with another human being person. (Kidding, I would never actually do that.

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