Tuesday, January 18, 2022

Twitter CEO Jack Dorsey is reportedly close to stepping down

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Jack Dorsey is anticipated to step down as CEO of Twitter “in the near term,” according to CNBC’s David Faber, who cited “a number of different people familiar with the situation.” Faber stated he doesn’t “know much else” past that and wasn’t positive who may be introduced in to substitute him. The Verge has reached out to Twitter for remark.

Dorsey has been CEO of Twitter since 2015, presiding over a rocky however comparatively profitable run for the corporate. During the previous couple years, Twitter has began to quickly roll out new merchandise and options. And whereas not all of them have been hits, they’ve recommended a metamorphosis into a much more nimble firm prepared to adapt to its customers pursuits.

Twitter’s board initially didn’t need Dorsey to run the corporate. Dorsey was — and continues to be — the CEO of Square, and board members felt operating Twitter ought to be a full-time job. But after serving as interim CEO for a number of months, he finally received them over. It’s Dorsey’s second stint as CEO, after briefly holding the position in 2007, shortly after founding the corporate and earlier than being pressured out in 2008.

More not too long ago, Elliott Management, a serious activist investor, tried to power Dorsey out of the job in 2020, involved together with his efficiency and Twitter’s development. Dorsey managed to grasp on after reaching a take care of the agency, however it was introduced {that a} board committee can be fashioned to “evaluate the CEO succession plan.”

Dorsey has additionally more and more turned his consideration to tech past the core of Twitter. He tweets loads about Bitcoin, Web3, and different decentralized applied sciences. Plus, he’s nonetheless the CEO of Square. Last evening, Dorsey tweeted merely, “I love twitter.”

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