Twitter Inc interim CEO, Jack Dorsey’s mobile payments firm Square Inc. has plans of holding its IPO in the 4Q of this year, says Bloomberg, citing people familiar with the matter. Citing sources, the report says the timing of the IPO can change depending on the market conditions.
Dorsey, will he be Twitter CEO?
In July, there were reports that the application for going public had been filed confidentially by Square. The digital payment firm has been working with several major banks such as Goldman Sachs, Morgan Stanley and JPMorgan during its confidential IPO filing process.
Square’s IPO is an important event for Twitter Inc , who is looking for a new CEO, and the decision on continuing with Dorsey as the CEO is still pending with the board. Dorsey is seen as the top candidate for the role. But, with Square pressing ahead with its IPO plans at this crucial time may take Dorsey away from Twitter.
In June, Twitter board made clear that only a “full-time” leader will be considered for the CEO job. This means that the board will have to go back on the statement they made in June, in case they pick Dorsey for the role.
None of the scenarios has been ruled out by Dorsey in any of his interviews. People familiar with the matter have said that the investors and key employees have been reassured by Dorsey that he will continue to serve CEO Square, says the report.
Twitter facing employee exit
At a time, when Twitter is searching for its new CEO, it is constantly facing the exodus of key employees. Docker, the start-up that popularized Linux containers for packaging and running application code, announced a few days back that the role of CFO at the firm will be handled by Mike Gupta. Since 2010, Eric Bardin has been Docker’s CFO. Bardin will now work as Docker’s senior VP of finance and business operations.
Gupta has served Twitter Inc as the head of strategic investments, and prior to that he served the firm as its CFO. Gupta played a vital role in Twitter’s IPO in 2013. Gupta also served Zynga, earlier in his career, as the treasurer during its IPO. Prior to this, he served Yahoo in different financial roles for several years.