Today marks Twitter’s board meeting, where the board will most likely discuss its options for the company’s next CEO. Although there’s yet to be any guarantee that a decision will be made, there is a sense of urgency in the air as shares continue to fall. Since Dick Costolo stepped down as CEO this past July, Twitter’s stock has sunk 22%. While Twitter began its search for a new leader, co-founder and former CEO Jack Dorsey took over as interim CEO. Dorsey’s name has come up as a potential candidate for CEO, although he’s also acting CEO of mobile payments company Square, so many feel it would spread Twitter’s leadership too thin. Another potential candidate is Adam Bain, Twitter’s president of global revenue.
Twitter’s board of directors enlisted the help of an outside executive search company to look at external talent. Cisco CTO Padmasree Warrior is said to be the leading external candidate. In the nine years it’s been in existence, Twitter has experienced management shake-ups before. Back in 2010, Costolo took over as CEO after Twitter co-founder Evan Williams, who had taken the reins from Dorsey in 2008, left the position. Since Costolo stepped down five years ago, many top-level managers have fled the company.
Twitter has denied that its latest shake-up had anything to do with its struggles since going public. However, in the two years since its IPO, Twitter has been slow to add any new members. Back in August, its stock fell below $26 a share, which is where the IPO had been priced. Since then it has rebounded slightly. As of June 2015, Twitter had 316 million active monthly users, who post some 500 million tweets every day. Meanwhile, Facebook has nearly 1.5 billion active users.
In an effort to attract new people, Twitter has been adding new features. Earlier this year, it acquired Periscope, an app that allows people to show live video streams. And last month, it removed the 140-character limit from its direct messages, quite possibly in an attempt to compete with other popular messaging services, such as WhatsApp or Facebook’s own Messages app.
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