Twitter’s former CEO is leaving the company’s board … but the question remains as to who will replace him.
Not long after Bloomberg first reported on the possibility of Dick Costolo’s exit from Twitter’s board, numerous sources close to the matter have expressed to other outlets (including The New York Times) that the move is going to happen.
While Costolo’s transition has reportedly been in the works since June, the timeline for his departure remains uncertain because the former CEO (via NYT) will remain on the board until Twitter decides on a new full-time chief executive.
The matter is not as simple as shifting the company’s interim CEO, Twitter Cofounder Jack Dorsey, into the position on a permanent basis. According to Re/code, Twitter is not going to sign off on Dorsey unless he vacates his position as CEO of Square. Dorsey has publicly been noncommittal about deciding between Square and Twitter, telling Bloomberg late last month: “I’m going to do what I think is best for both companies.”
Should Dorsey opt to remain with Square, Re/code reports that the next likely person to take the reins at Twitter is the company’s head of sales, Adam Bain.
The outlet adds that Twitter has hired the consulting firm Spencer Stuart to suss out potential replacement CEOs from outside the company, including Kevin Systrom, the cofounder and CEO of Instagram (which Twitter attempted to buy in 2012, before being outbid by Facebook).
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As the NYT story points out, investors are looking for Twitter to make a decision sooner rather than later, in the hopes that the company’s prospects — as well as its floundering stock price — will gain a boost from new leadership. That being said, numerous sources predict that the next Twitter CEO — whoever it may be — will not be appointed until September.
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