Jack Dorsey, the CEO of Twitter Inc (NYSE:TWTR) confirmed the departures of some key executives. The issue sent the stock price of the microblogging company down by more than 4% to $17.02 per share on Monday.
Mr. Dorsey posted a message on Twitter stating that Alex Roetter, Skip Schipper, Katie Stanton, and Kevin Weil decided to leave the company.
Mr. Roetter serves as senior vice president of engineering and Mr. Weil was the head of product at Twitter. Both executives worked five years for the company and were responsible in scaling its ad products and engineering teams from producing almost zero revenue to more than $2 billion.
On the other hand, Ms. Stanton was the head of the company’s media division. She also worked for the company for five years and helped in the growth of its global team that brings the best, most engaging, and most powerful content to its services. She helped the company establish some of its first international offices in Japan, Ireland, and United Kingdom.
Meanwhile, Mr. Schipper played a key role in scaling the company’s HR and recruiting functions globally. His tenure was shorter than his fellow executives leaving the company.
Twitter COO will assume additional responsibilities
According to Mr. Dorsey, Twitter COO Adam Bain will be assuming additional responsibilities on an interim basis to fill the vacuum on the company’s revenue-related product teams, media team, and HR team. CTO Adam Messinger will be taking over all of the engineering, consumer product, design, user services, and Fabric into one group.
Mr. Dorsey said he will be partnering with Mr. Messinger “day and night to make sure we’re building the right experiences.” According to him, Mr. Messinger has a very strong sense of how they can bring development faster and produce stronger products that people will love to use.
Analysts cut price target for Twitter
Meanwhile, analysts at SunTrust Robinson Humphrey reduced their price target on Twitter to $26 from $34 per share in a note to investors today.
Although the analysts cut their price target on the stock and some of the company’s key executives decided to leave, they believe that Twitter still offers “interesting opportunity” for investors.
The analysts noted that the company’s monthly active users seem to be stabilizing, and suggested that its new products will probably help boost its user base.