Twitter Inc has confirmed the reports that its two key executives are leaving the company. Jana Messerschmidt, the head of business development, and Nathan Hubbard, head of media and commerce, are planning to leave the company, Recode reported. The social media company did not provide details about their exit.
Twitter Streamlines Teams
The news comes on the heels of Buzz Feed reports that Twitter disbanded its commerce team and stopped work on its “Buy” button project. The company actually disbanded the commerce team in last October, when it laid off 8% of its workforce. Twitter still allows businesses sell on its website with customer service tools and ads featuring products browsed on a retailer’s website. But the company no longer has a commerce team, USA Today reported.
“We made a change 3 months ago to INCREASE our investment in commerce by moving fully into Dynamic Product Ads after seeing the great early results,” Twitter spokesman Will Stickney said. “We have more product, engineering and business focus on commerce as a result of focusing on DPAs.”
Ali Jafari, vice president handling the company’s Amplify video advertising business, will become in charge of the company’s media, business development and Amplify teams. The move is confirmed by Twitter, but it declined the provider further details. This will allow the social media company to streamline its projects and partnerships, Recode reported, citing unnamed sources.
Twitter Losing Executives
Messerschmidt has been working at the company for six years. During this time, she handled all of the company’s relationships with outside partners, including Google. Messerschmidt is part of the #Angels investing team, which was formed by current and former female Twitter executives. The investment group bets on interesting tech startups.
Hubbard is leaving Twitter Inc to start his own company, according to a former colleague. In January, Hubbard was asked to run the company’s media team following the departure of Media Katie Stanton, who was a vice president.
According to reports, these are the most high-profile departures since four vice presidents, including head of product and engineering, left the company in early January.
Jack Dorsey was named CEO of the social media company nearly a year ago. He was expected to improve the company’s financials, stock price and stagnant user growth. But it seems that he has been unable to achieve any of these goals. Dorsey, who says recruiting is his top priority, appointed a few executives, including CMO Leslie Berland, Natalie Kerris and a handful of new board members. The company is going to lose two key executives at a time when its stock near an all-time low.
Shares of Twitter Inc dropped by 0.94% on Wednesday. The stock has had a forgetful 2016. According to Tomi Kilgore of MarketWatch, the company’s stock is a ‘Divergence’ buy. The “bullish divergence” between price and a host of technical indicators suggest that shares are ripe for a bounce back.