Twitter pushes out four top executives in surprise restructuring
Twitter went through a major shakeup on Sunday as its heads of engineering, media, product and Vine have exited the company.
After hours of speculation based on various reports, CEO Jack Dorsey confirmed the departures on Twitter, adding that the four chose to leave the company.
Earlier, a major investor in Twitter confirmed the departures but added that they were the result of a long-planned restructuring. The four executives — Katie Stanton, head of media, Kevin Weil, head of product, Alex Roetter, head of engineering and Jason Toff, head of Vine — were all allies of former CEO Dick Costolo and “were not people in whom Jack has the highest faith,” the source said.
At least one of the executives called the departure his own decision.
It’s a major executive restructuring for Twitter, which has done little to reassure its investors or the general public that things have changed for the better since co-founder Dorsey returned to the CEO role in October 2015.
Dorsey has been under tremendous pressure to give Twitter a new face and function, and has long hinted that he would have the power to revamp the company’s executive ranks.
The exits, first reported by Re/code and followed by the New York Times, were not initially announced publicly, but there are already additional rumors that the company will name a “high profile media personality” to its board.
Chris Sacca, a Twitter shareholder and noted tech investor who has agitated for change at the embattled company, appeared to offer a formal endorsement of the moves and dropped what could be considered hints and who Twitter might bring in.
Twitter has been besieged by takeover rumors and other worries as it tries to transform itself for mass appeal, so far to no avail. The company’s stock is getting hammered this year, repeatedly reaching new lows. Last week, Twitter CEO Jack Dorsey — who is also the CEO of payment startup Square — lost his billionaire status as a result.
Rich Greenfield, analyst for BTIG research, pointed out that these are only the most recent departures in a little more than a year. Only five of the executives that ran Twitter in November of 2014 remain.