Twitter Inc (NYSE:TWTR) is expected to announce the departures of some of its top executives on Monday, according to Re/code based on information from people familiar with the situation.
The report indicated the Katie Jacobs Stanton, head of media; Kevin Weil, head of product at Twitter are stepping down from their positions in the company.
Stanton and Weil’s positions will be assumed by interim successors. Both of them have no immediate plans to work for another company. Prior to joining Twitter, Stanton and Weil worked at Google and Yahoo! Inc (NASDAQ:YHOO). Both executives are well respected inside and outside Twitter.
In her position at Twitter, Stanton facing pressures to transform the company’s media strategy to compete with other social networks such as Facebook and Snapchat, which are also boosting their competitiveness.
On the other hand, the latest product launched by Twitter under Weil’s supervicion was Moments. It is still uncertain if Moments is success or not.
A related report from Reuters indicated that Twitter’s head of engineering, Alex Roetter; head of video streaming service Vine, Jason Toff; and business development chief Jana Messerschmidt will also leave the company.
Twitter is planning to name two new board members
Re/code also indicated that Twitter is planning to announce the appointment of a new CMO, who will be coming from a big brand. The name of the executive is still unknown.
A separate report from the New York Times indicated that the microblogging company is planning to appoint two new board members. One of them is a high-profile media personality.
The top executives at Twitter particularly its CEO Jack Dorsey are confronting too much pressure from shareholders to boost the company’s growth. The company lost more than 54% of stock value over the past year. The stock closed $17.84 per share on Friday, January 22— below its initial public offering (IPO) price.
Currently, Twitter has more than 300 million users, which was already surpassed by Instagram with 400 million users last year. Instagram is a photo-sharing app own by Facebook
During the company’s earnings conference call in October, Dorsey emphasized that “bold rethinking” is necessary as well as “hiring and investing.”
In an earnings conference call in October, CEO Dorsey spoke about “hiring and investing in talent” and the need for “bold rethinking.” Since then, he implemented job cuts and gave away one-third of his stock to employees. The company also appointed Omid Kordestani, a former executive at Google, as executive chairman.