Twitter Inc (NYSE:TWTR) early investor, Prince Alwaleed bin Talal, thinks the firm’s interim CEO is overcommitted says a report from the FT. Jack Dorsey, co-founder of Twitter was named the interim head on Thursday following CEO Dick Costolo’s decision to leave. He will be stepping down on July 1.
Twitter CEO should be tech savvy
Alwaleed told FT, “Jack has another company called Square which requires a lot of attention and a full-time job round there. I believe and trust that Jack Dorsey is there on a temporary basis.” The prince said that the new leader should be tech savvy with an investor-oriented process and marketing mind-set.
Back in 2011, Alwaleed invested in the micro-blogging site, paying $300 million from his personal wealth and funds from Kingdom Holding, where Alwaleed is a major investor.
Also, Dorsey told Reuters on Thursday that he was not thinking “at all” about being CEO for the long haul. He says for that the search has just started. However, he did not rule out the job completely. Many reports are pointing that Anthony Noto is the top contender for the post of CEO.
On Monday speculation about the next CEO at Twitter Inc was rife, and a very negative appraisal on the firm from CNBC’s Jim Cramer sent the shares spinning. At time of writing, just before 2 PM EST, shares in the firm had lost more than 3% of their value for the full day so far.
Will Noto replace Costolo?
Noto has been gaining clout in the decision-making at Twitter, and there are good chances of he being appointed as the CEO. Back in April, Costolo wrote in an email to Noto that he will look after the marketing, a segment that was not a focus for the social media company until now. For a finance chief, the marketing role was a bit unusual, but Noto was ready
Within a year of taking the job, Noto headed major deals, took charge of vital acquisitions, and helped Twitter Inc (NYSE:TWTR) design its content strategy while expanding his role to help define what the product does.
Even Costolo might prefer Noto as the next CEO. In May, during a tech conference, talking of Noto, Costolo said, “He has superhigh bandwidth,” adding, “We didn’t bring him in to just be a CFO.”
Apart from Noto, analysts and investors proposed both Dorsey and Adam Bain for the post of CEO. Bain, VP of Global Revenue and partnership is credited with taking ahead Twitter’s ad business, and is also seen as a potential replacement for Costolo.