Twitter investor Chris Sacca says the company’s CEO transition has been “sloppy.” You think?
Here’s where Twitter is at today: Its board just announced that running Twitter is a full-time job. In other words: “Sorry, Jack Dorsey, but you can’t be CEO of Twitter, because, among other things, you’re CEO of Square.”
The fact that Twitter’s board needs to explain this, in writing, more than a week after it announced that CEO Dick Costolo was out, and that Dorsey would be an interim CEO while they looked for someone else, is astonishing. Again: Maybe the board should look at replacing itself.
Here’s the full text:
Twitter Board of Directors Provides Update on CEO Search
SAN FRANCISCO, Calif. – June 22, 2015 – The Board of Directors of Twitter, Inc. (NYSE: TWTR) today provided an update on its CEO search process.
On June 11, 2015, Twitter announced that current CEO Dick Costolo would step down effective July 1, 2015. The Board has established a Search Committee to identify candidates to become Twitter’s next CEO. The Committee has retained Spencer Stuart, a leading global executive search firm, to assist in a thorough search process that will include both internal and external candidates.
The Committee will only consider candidates for recommendation to the full Board who are in a position to make a full-time commitment to Twitter. The search is proceeding with a sense of urgency but the Committee will take the time necessary to find the right CEO to lead the next phase of Twitter’s growth.
Peter Currie, Twitter’s Lead Independent Director and Chair of the Search Committee, said, “The Board has the utmost confidence in the strong management team Dick has assembled and in Jack Dorsey’s ability to lead the company on an interim basis while we identify a permanent CEO. We are confident in Twitter’s product roadmap and excited by the current pipeline. We also believe much more can be done to realize Twitter’s enormous unmet long-term potential. In our next CEO, we are looking for a bold thinker and proven leader capable of helping Twitter fully capitalize on its unique platform for the benefit of users, advertisers and employees, and to maximize value for investors in the years ahead.”
This article originally appeared on Recode.net.