Made some tough but necessary decisions that enable Twitter to move with greater focus and reinvest in our growth. http://t.co/BWd7EiGAF2
— Jack (@jack) October 13, 2015
In June, Twitter’s CEO Dick Costolo stepped down. Costolo continued as interim CEO until July when the board targeted to have a new CEO on board. The board of directors then appointed Jack Dorsey, co-founder and chairman of the board. The board then hit the ground running looking for a new CEO, with a committee formed to identify potential candidates, with both internal and external candidates considered for the role. Jack Dorsey was seen as good choice, but there was a problem as he served as CEO of Square Inc, a payments startup he founded and which, was on track for IPO. The committee had explicitly said that “they will only consider candidates for recommendation to the full Board who are in a position to make a full-time commitment to Twitter“.
Last week, the board appointed Jack Dorsey as CEO and he was to continue his position at Square. Jack was to however not serve as chairman of the board. Jack promised to bring back efficiency in operations and that meant job cuts were to follow soon. Twitter has today announced it will proceed in cutting 336 jobs across the company as it seeks to put the company in a strong path of growth. The news was communicated via email by Jack Dosey to all Twitter employees. In the email, Dorsey says Twitter is working on a road map for its various services including Periscope and Vine with the intent of creating experiences as seen with the recently launched Moments.