The fact that Jack Dorsey recently lost his status as a billionaire probably didn’t draw too much sympathy, but there’s more bad news for the CEO of both Twitter and Square. Two of his top executives at Twitter, media head Katie Jacobs Stanton and product head Kevin Weil, are said to be leaving the company. The New York Times also reports that Alex Roetter, Twitter’s senior vice president of engineering, will soon head out the door. Additionally, Reuters suggests that Jason Toff, the head of Twitter’s video streaming service Vine, as well as business development head Jana Messerschmidt, are considering a move.
A full announcement is expected on Monday, and this major shakeup at the top of Twitter can’t be doing anything for Dorsey’s or investors’ nerves. In addition to this significant turnover, the CEO is said to be appointing two new board members, and a new chief marketing officer to boot.
Twitter waters have been choppy since Dorsey re-adopted the role of CEO last year, starting with a slew of employee layoffs that raised many eyebrows on both Wall Street and in Silicon Valley. Though Twitter is still mentioned in the same breath as other major social media platforms like Facebook, Instagram, and Snapchat, its future seems a bit nebulous at this point in time.
This most recent mass exodus of Twitter executives has not been viewed favorably by experts in the field, and it doesn’t seem as though this news will do Twitter’s steadily declining stock any favors when the market reopens on Monday.
“While we may not be the sharpest tools in the shed, we don’t see how the departure of the heads of three major business divisions can be viewed as a positive in the middle of an attempted business turnaround,” Stiffel Research analyst Scott Devitt wrote in a research report.
And the attempt has been significant — Twitter has unveiled a number of new features in the last few months, and has even flirted with the idea of expanding its famous 140 character limit. But so far, none of that appears to be helping the company regain its day in the sun.