Twitter Inc (NYSE:TWTR) has formally announced its effort to search new CEO, two weeks after CEO Dick Costolo announced to step down. The company’s board of directors informed that they have engaged Spencer Stuart, an executive search firm, to help it find its next leader.
Only with full-time commitment
Meanwhile, the company has put water on speculations that cofounder and current interim CEO, Jack Dorsey could become the eligible candidate, stating that it is looking for people with a full-time commitment to the role.
The statement is loud and clear as Dorsey cannot be considered for the position unless he decides to step down from Square, a mobile payments company. Multiple insiders, as well as Dorsey himself, have expressed that his possibility of leaving Square is negative.
As Costolo’s term will end on July 1, Twitter’s board assured shareholders that they are searching for the right candidate with “urgency”. After Costolo’s decision to move out, the Wall Street is abuzz with the likelihood of the contenders that places Twitter’s global revenue president, Adam Bain among front-runners.
Dorsey in Square
At the same time, there is a strong belief that if Square makes an IPO debut this year then possibility of Dorsey being Twitter’s CEO is negligible. It is noteworthy that Dorsey was at the helm of Twitter’s affairs till 2008 before being pushed aside. Peter Currie, Twitter’s independent director and chairman of the search committee, said that they are looking for a proven leader and bold thinker. He added that Twitter’s next leader would be expected to help the company identify its unique capabilities and generate superior returns for the investors.
Costolo had publicly announced to step down as CEO two weeks ago but said that he will continue to be the board member indefinitely. Costolo took the company’s helm in October 2010, after which he successfully helped Twitter to make its debut in the stock market in 2013.
Sources: forbes, businessinsider
