Twitter Inc is in talks with Renée James, the current President at Intel Corporation , to come on board as CEO according to a rumor reported by the New York Post on Monday morning. James announced earlier this year that she was planning to leave the chip maker, but plans to stay at the firm until 2016.
The Post said that a source close to the talks said that James was one of the people being looked at to take on the job. “I think she should want Twitter, since it draws on her network, marketing leadership and software expertise,” the person said.
Intel Corporation President doesn’t use Twitter
One of the key requirements for the CEO job at Twitter is familiarity with the platform. Intel President Renée James has tweeted 14 times since joining the network and has just 2,000 followers despite her high profile.
Several rumors about who might fill Dick Costolo, or Jack Dorsey’s shoes, have emerged in recent months. Mr. Costolo stepped down on July 1 to be replaced by Mr. Dorsey, but the Twitter founder is expected to leave as soon as the firm manages to find a new leader.
James said that she would step down at Intel earlier this year, but said that she will stay at the firm until the early part of next year in order to make the transition smoother. Twitter, says StreetInsider, will offer $4m in order to install her as CEO more quickly.
Monness, Crespi, Hardt upgraded Twitter shares to Buy on Monday after the firm’s huge loss in value in recent weeks. The firm now has a $35 price target on shares at Twitter.
Adam Bain, Twitter head of global sales, is one of the people most likely to take the job according to rumor. Most of the stories that said he would take the hot seat relied on the fact that it would be a painless transition, a factor that is fading slowly.
Twitter shares fall on look for CEO
Very poor results in the March and June quarters, coupled with a lack of leadership at the firm, drove shares of Twitter to all time lows last week.
The firm’s shares were set to open on Monday morning at $27.51, up almost 2 percent from Friday’s close. On Friday shares hit a low of $26.87. The firm’s shares went on sale for the first time at $26 in August 2014.
Twitter shares have remained very sensitive to rumors in recent months as those betting on the firm look for something that could cure its ills.
Last week shares in the social network spiked after rumors that Sheryl Sandberg, current COO at Facebook Inc had been picked to take over the social network. With no news from the firm itself, and few of the rumors getting support from major news outlets, the Intel story should be taken with a grain of salt.