And the outflow of executives from Twitter continues. In a mass exodus from the social networking website, four significant office holders, namely Alex Roetter; Senior VP of product, Kevin Weil; Global Media Head, Katie Stanton; and VP of human resources, Brian “Skip” Schipper, have cleaned their desks and left the company.
While the number and seniority of the employees leaving may suggests a hoax — all of these employees are near the top rungs of the seniority ladder — the news was confirmed by none other than CEO Jack Dorsey, via a tweet today and comes even as the departure of other employees, if from less prominent positions, continues in the background.
Was really hoping to talk to Twitter employees about this later this week, but want to set the record straight now.
To cope with the sudden gaping hole in the ranks of its executive, the company has enacted a temporary transition plan where the responsibilities of the leaving officials will be borne by existing employees.
The plan leaves the Chief Operating Officer Adam Bain in-charge of the revenue-related product teams and the media and human resource departments, in addition to his usual responsibilities. Chief Technology Officer Adam Messinger has been similarly burdened with forming a new department that will combine engineering, consumer product, design and research, user services, and fabric teams, all into a single group.
And of-course the company has yet to hire a full-time Chief Marketing Officer and a public relations chief, departments currently being overseen by to manage an area that is currently overseen by the Twitter’s Chief Financial Officer, Anthony Noto and the general counsel Vijaya Gadde respectively.
While Noto in an August interview, mentioned working with twitter as a once in a lifetime opportunity, employees seem to be getting disillusioned pretty quickly. More so at the top positions. Both Stanton and Weil for example, took over their respective jobs in only 2014.
Increasing pressure and decreasing stock prices may have an hand behind this rush to leave twitter and look for alternatives.
Even not considering the amount of pressure this puts over the employees who have to shoulder extra burdens in addition to their own, the situation can not be good for investor confidence, which is already tottering. The stock prices reflect the situation and have dipped from a January high of $69 to close well below Twitter’s $25 IPO at $17.84 on Friday.
There have also been rumors of the company selling out, although no evidence to support the fact has surfaced. The company still has a lot of users and can definitely stage a comeback. However, the company really needs to stem this outflow of employees if it hopes to regain a solid footing in business.