“Who would walk into something like that?” said Charles M. Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware.
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Dorsey will become interim chief executive of the social-media company TWTR, -0.70% when Dick Costolo steps down July 1.
“We have built a very strong company from top to bottom, and I am as committed as ever to its continued success”, Dorsey said in a statement on June 11.
But the wording of the board’s statement could hint at Dorsey’s other engagement as the CEO of mobile-payments start-up, Square. Nothing is set in stone, but, right now, Twitter wants investors to know that Dorsey doesn’t meet its requirements.
On trading activity, shares of Twitter Inc(NYSE:TWTR)were feeling heat as investors were not happier with board’s activity on CEO hunt. If rumors are to be believed, Square may go public this year.
Even with this confirmation on staying at Square, it does not clear up the rumours of an internal move to gain control of Twitter. “The question is whether Jack Dorsey on the product side is willing to break some typecasts at the company and come in with a fresh perspective”. Calvin Cordozar Broadus Jr. more famously known to the world as Snoop Dogg, has taken to his Twitter account to rally his 12 million followers by tweeting that he is “ready to lead Twitter”. He has built up Twitter’s advertising business, but has largely failed to fix persistent product problems that make it hard to attract new users.
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 process is expected to take three to six months.
While it may sound a bit unusual on the surface – considering the fact that being the CEO of twitter is hardly something you could expect to handle part-time – exceptions can sometimes be found, such as in the case of the interim Twitter CEO Jack Dorsey, who is running both Twitter and Square.
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It’s the Twitter search committee, headed by Peter Currie, but also including Peter Fenton and Ev Williams.
