Twitter Inc (NYSE:TWTR)’s board prefers an insider to helm the company after the exit of its former CEO recently. The organization’s revenue head Adam Bain is being looked at much more seriously as the next CEO than any other person on a very brief list of outsiders as per a source familiar with the subject.
The source stated that Bain is the number one candidate for the board. Presently, there are maximum three outside candidates being looked at. Some of the popularly floated names of outside CEO candidates such as Flipboard’s Mike McCue are not being looked at presently in the knowledge of the source.
Twitter’s endeavor to get a new CEO started off seriously two weeks back with the board enlisting the services of headhunting firm Spencer Stuart. The former refused comment on the matter of its CEO searching effort.
We don’t accurately know who the outside candidates being considered are. However as per the source some of the commonly discussed names such as Ross Levinsohn, who once was interim CEO of Yahoo! Inc. (NASDAQ: YHOO), Flipboard’s McCue, Google Inc (NASDAQ: GOOG)’s Neal Mohan, and Instagram’s Kevin Systrom are not presently being looked at.
Twitter co-founder Jack Dorsey took the role of interim CEO after Dick Costolo left his post, exiting a six-year reign that saw Twitter emerge from a zero-revenue startup to a publicly listed entity. However, during the past year the company has experienced stalled growth and subpar financial performance.
There were initial rumors that Dorsey was looking at a permanent CEO role. However, his candidature was ruled out considering he holds another full-time role as the CEO of digital payments company Square. Last month Twitter’s board of directors asserted that it would consider only those individuals who can give a full-time commitment to the post of Twitter’s CEO.
In a report released on Tuesday, Pacific Crest analyst Evan Wilson examined CEO transitions similar to Twitter Inc and predicted that the search should complete by this December boosting the company’s stock.
Analysts at Pacific Crest opine that Twitter’s relatively high relevance in the technology community makes it appealing to individuals currently in technology CEO roles.
Sources: businessinsider, benzinga