Has Twitter finally found its dream CEO?
After nearly three months of searching for the right person, the struggling social networking company may be ready to make a decision, according to some recent reports.
A report in LearnBonds on Friday says the “rumour on the Street” is that the announcement of the new CEO will come before the market opens on Monday, which most likely means there could be an announcement at some point today — or perhaps, unconventionally, over the weekend.
The piece echoes a slew of recent reports that suggest Twitter co-founder Jack Dorsey will get the nod for the top job, even though he will have to do double-duty and continue as CEO of digital payments company Square.
To bolster the team, Twitter will make revenue boss Adam Bain President, while Evan Williams, another Twitter co-founder, will become Chairman of the board, the report says. That so-called “triumvirate” arrangement was first floated by SunTrust analyst Robert Peck and gained currency when influential Twitter investor Chris Sacca publicly endorsed it earlier this month.
Twitter’s stock, which has been crushed in recent months and dipped below its $US26 IPO price for the first time on Thursday, was actually trading up 17 cents on Friday even as the broader market suffered from a big selloff.
With morale running dangerously low at Twitter and investors bearish on the company, Twitter needs a permanent CEO to win back trust and to chart a new strategy that can revive its stalled user growth.
Twitter’s previous CEO, Dick Costolo, resigned in June. Since then, Google’s board of directors has hired executive recruiter Spencer Stuart to suss out good candidates inside and outside the company. But the list of outside candidates does not appear to have gotten very much traction in the process, while Bain and Dorsey have been cited as the two insiders with the best chance of getting the job.
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