Twitter (NYSE:TWTR) has undergone an exodus of executives from its global personnel group, which has resulted in high-level departures in the wake of free falling shareprices, according to a USA Today report.
Twitter has seen a management overhaul in the past four months, starting with the appointment of Chief Executive Officer (CEO) Jack Dorsey back in October, which followed Dick Costolo parting ways with the social media outlet in June. Mr. Costolo’s decision to step down had been met with widespread support from Twitter’s shareholders, with shares soaring double digits following the announcement – the optimism has since waned however.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
Overnight, four leading Twitter executives have abruptly left the social media group, including Alex Roetter (Head of Engineering), Skip Schipper (Vice President of Human Resources), Katie Stanton (Vice President of Global Media), and Kevin Weil (Head of Product), creating large voids in key positions and sparking fresh panic amongst shareholders.
In their place, Chief Operating Officer (COO) Adam Bain will be tasked with picking up the pieces, as he will assume additional responsibilities in the aftermath of the outgoing personnel, albeit on an interim basis. Moreover, CTO, Adam Messinger will also be heading all engineering and consumer product as a result of the departures.
According to Mr. Dorsey in a recent statement on the departures: “All four will be taking some well-deserved time off. I’m personally grateful to them for everything they’ve contributed to Twitter.”
Twitter’s shareprices also have continued to drop lower on the news, plunging to the $17.00 handle in after hours trading Monday. The stock had been trading above $50.00 as recently as April 2015, though internal executive issues continue to plague the company.