Twitter Inc said good-bye to CEO Dick Costollo over 3 months ago. Since then, the search has been on for a suitable replacement. Twitter co-founder Jack Dorsey was placed as an interim CEO while the search for a new leader was undertaken but no one expected the process to take nearly this long.
Warrior or Lanzone as Twitter CEO?
There were hints last week that the search for a new CEO was nearing an end as Bloomberg reported that executive search firm Spencer Stuart has recommended former Cisco CTO, Padmasree Warrior and CBS Interactive CEO and President Jim Lanzone for the job.
Warrior was Cisco’s CTO and Strategy Officer until recently when the company underwent a reorganization with Chuck Robbins taking over as CEO. Lazone joined CBS Interactive in 2011 after serving as CEO of both Ask.com and Clicker.com. Clicker was acquired by CBS in 2011.
The Bloomberg report mentioned that some candidates contacted by Spencer Stuart have had doubts about whether they were serious candidates, believing that Twitter is stuck on the idea of placing Dorsey permanently in the CEO chair.
It was also reported that the Twitter board planned to meet last Thursday (Sept. 3) to discuss the status of the search and possibly come to a decision but no announcement has been made.
Twitter Struggles to Fill The CEO Role
Twitter is clearly struggling to make a decision and, while the firm struggles, investors are losing confidence. Since Costollo’s departure the stock price has declined over 20%. At one point the price dropped below the IPO price of $26. It has since recovered from that level but not by much.
Much of the struggle seems to revolve around Twitter’s hope to convince Dorsey to accept the full time CEO position. Rumor had it that Dorsey was begged by Twitter board members to take the job permanently but he has made it clear that although he willing to fill in temporarily, he is not interested in the CEO position.
Dorsey is CEO of mobile device payment platform, Square and is planning to file for an IPO in the next 12 to 18 months making him an unlikely candidate for the full time role at Twitter.
Shares in the firm have lost more than 20 percent of the their value since the start of the year. As rumors of a CEO replacement have swirled, shares have bounced back, though only a little. The firm stock is now selling firmly above the price at IPO, though it’s still in the doldrums of a directionless, cash burning, social network.