The Twitter exodus was believed to have been over when Jack Dorsey officially took the helm as CEO. However, even after he did, there has been one upheaval after the other, and the latest one has been the biggest one yet. No less than four senior executives will be leaving, and two board members are also done with Twitter. This comes after the stock of this company hit a huge low point, which made many people to speculate again whether it could continue to exist as an independent company.
Two executives, the product team leader Kevin Weil, and the head of engineering Alex Roetter, have both gotten the ax, as user growth was not revived to expectation. Meanwhile, the media partnerships lead Katie Jacobs Stanton has handed in her notice. Dorsey confirmed this latest mass exodus, adding Brian Schipper, human resources chief, to the list. According to Dorsey, all four departures were by choice and they will be replaced internally. Chief operating officer Adam Bain will take over HR, media and revenue related products. Chief technology officer Adam Messinger will take over consumer products and engineering.
He has a very strong sense of how to bring our development together so we can continue to ship faster and produce stronger work that people will love to use. And I will be partnering with him day and night to make sure we’re building the right experiences.
Dorsey made no mention of the rumor that a new chief marketing officer has been hired. This particular role has been a task that various executives have held for a year now. However, inside sources have said a new board member will be joining soon, and it is said that this is a very high profile person. A second is expected soon as well. However, no comments have been received from Twitter on these.
Twitter shares have struggled over the past year, losing as much as 50% of their value. This has put Dorsey under a tremendous amount of pressure, while also being the chief executive of Square, a payments company. This latest exodus means that a third of the leadership team has gone and the question is whether this is finally the shakeup the company has needed since Dick Costolo left.
Twitter has had significant issues with both engineering and products for years now. A severe global outage happened last week, which meant Twitter users could not access the site for at least an hour. Unfortunately, Twitter has been frequently unreliable.
The advertising business, which Bain heads, did very well for some time. Now, however, growth is slowing down when rivals like WhatsApp, Snapchat, Instagram and Facebook continue to grow.
Last year, Moments was launched with a lot of media attention. Unfortunately, it did not deliver the results that Twitter had hoped for. The reality is that the company is struggling not just to attract new users, but to retain existing ones as well.
In response, Dorsey put the entire team on their notice in July, as he felt that the failure to grow as completely unacceptable.
He put Twitter’s product team on notice during his first quarterly earnings call with analysts in July when, as interim CEO, he called the failure to grow the popularity of Twitter “unacceptable.”
Twitter is simply struggling to keep up with the modern world, it seems. Their latest big announcement was Moments, which flopped. Facebook, meanwhile, launched Sports Stadium and it’s already proving to be a big hit.
Facebook’s Stadium features, including Matchup (featuring a quick recap of each play in real-time and related videos), Experts (posts from a select group including journalists such as Sports Illustrated’s football guru Peter King) and Stats (easily readable) are all colorful and rich.