Twitter is in one heck of a pickle at the moment. In June, Dick Costolo stepped down as the CEO of the company leaving Jack Dorsey to take his place as interim CEO while they searched for a new permanent CEO. However, that search is proving to be incredibly difficult and investors are calling for Dorsey to become the permanent CEO; that’s not likely to happen. Today, we’ll talk about why Costolo stepped down, why I believe Twitter is having a rough time filling his shoes, and why Dorsey simply isn’t a good fit as a long term CEO. So, let’s get right to it…
Why Costolo Stepped Down
Dick Costolo was the CEO for TWTR for quite some time but he stepped down for a good reason. Twitter has been struggling to get new users interested in their social network. In fact, new user growth has been minimal to say the least. While Twitter has grown to be a massive social network with a decent sized user base, investors aren’t impressed by the now, they want to know that their money is going to grow in the future; without the ability to bring new users in, future growth is nearly impossible. So, after throwing several solutions at the wall and hoping that they stick, Costolo made the decision to resign – a decision that made investors pretty happy!
The CEO Search Is Rough On Twitter
At this point, Jack Dorsey, Twitter’s co-founder is currently acting as interim CEO, but he can’t hold that position forever (we’ll talk about why later) so TWTR is currently on the hunt for a new CEO. However, that hunt is proving to be a rough one. The reality is that the CEO that will take the spot at Twitter needs to have incredible experience and have built a name for themselves as a solid player in tech. While there are plenty out there, there aren’t many that I can think of that would be willing to take the position. The reality is that anyone that meets this criteria is going to want to take over the CEO position for a strong company – one that is likely to see incredible growth; unfortunately, TWTR simply isn’t there. So, I don’t see any solid CEO putting their reputation in jeopardy to see if they are capable of picking the company up.
Why Jack Dorsey Isn’t Necessarily A Prime Candidate
Jack Dorsey is currently acting as interim CEO, a position that he didn’t really want in the first place, but which he took to keep TWTR alive. While investors are calling for Dorsey to take full control over the company, that’s just not a viable option. The bottom line here is that Dorsey is already the full time CEO of Square, a company that has plans to go public relatively soon. With the amount of responsibility a CEO must take on, it simply doesn’t make sense that anyone would have enough time in the day to take the role as CEO for two companies. Think about it, CEO is at least an 8 hour per day job – sometimes 12 hours per day. There are only 24 hours in a day. So, if Dorsey was to take on the role as CEO he would have to step down at Square, something that is far from likely to happen!
Who Will Be The New Twitter CEO?
Honestly, I have absolutely no clue. There doesn’t seem to be anyone on the scales that has both the knowledge and time to do the job. So, this leaves TWTR with a bit of a mess. Now, I want to hear your thoughts! Who do you think will take the position as CEO at TWTR and why? Let us know in the comments below!
[Image Courtesy of CBS]