Spin cycle: press start.
Today Twitter announced some not-so-surprising news — Dick Costolo is out as chief executive, and cofounder Jack Dorsey is in as interim CEO. Meanwhile, Twitter will search for a new CEO.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1747928,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"A"}']Speaking on an investor call this afternoon, Dorsey insisted the “transition is not anything more than Dick deciding to move on from his role as CEO.”
Right.
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Dorsey’s claim contrasts the recent narrative of Costolo’s run as CEO, which has garnered significant criticism from investors like Chris Sacca over its direction and short-term performance.
Meanwhile, the market appears happy; in after-hours trading, Twitter’s stock jumped nearly 9 percent before settling back down.
Costolo, also on today’s investor call, said he first “initiated talks with the board” late last year … around that time, analysts like Robert Peck proclaimed such a change was imminent. Lucky guess?
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