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Costolo Resigns in Twitter "CEO Transition"

posted by janrinok on Saturday June 13 2015, @01:53AM   
from the he's-not-resigned-but-migrated dept.

An Anonymous Coward writes:

Twitter announced that Dick Costolo had resigned as CEO, effective July 1. Jack Dorsey, a Twitter co-founder, has been appointed by the board as his replacement. (Tweet version here). Dorsey is also CEO of Square, which provides front-end devices and back-end systems for processing mobile payments.

While Costolo is reportedly popular with employees, investors were impatient with the company's growth in revenue and earnings, which has trailed expectations. One fund manager, Chris Sacca, wrote an essay to fellow shareholders (linked by the TechCrunch piece) explaining his disappointment, and ideas for a different direction for the company:

Twitter can be indispensable, engaging, and fun for everyone on the planet, and make even more money in the process. So why isn't that happening?

- For most people, Twitter is too hard to use.
- For most people, Tweeting is scary.
- For most people, Twitter feels lonely.

None of this is a surprise, as Twitter was mostly built by and for its power users.

Costolo insists the exit was in the works for awhile, and he wasn't pushed. For now, we can expect plenty of witty tweets.

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Original Submission

• Re: Re: (Score: 2, Touché) by DeKO on Saturday June 13 2015, @02:38PM

  by DeKO (3672) on Saturday June 13 2015, @02:38PM (#195782)

  For a concrete example of this, just see the crazy shit investors say at Nintendo's Annual Meeting of Stockholders (they post a full transcript of the Q&A online). There are always morons expressing how they want Nintendo to close shop and sell all their assets, for a quick cash-in.

  Some of the questions tend to show up in the news. Little gems like:

  I do not understand video games and I even feel angry because, at Nintendo's shareholders' meetings, the shareholders always discuss things relating to video games [...] I hope that Nintendo's shareholders' meeting will become an opportunity where the shareholders discuss the company's business operations from the viewpoints of capital gain and dividends.

  Or this, from a stockholder giving an interview to the Wall Street Journal [wsj.com]:

  Just think of paying 99 cents just to get Mario to jump a little higher.

  It looks like investors are as much of a threat tot he company as competitors.

  Parent

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• that actually happend in the former yugoslavia (Score: 3, Interesting) by MichaelDavidCrawford on Saturday June 13 2015, @06:26PM

  by MichaelDavidCrawford (2339) <mdcrawford@gmail.com> on Saturday June 13 2015, @06:26PM (#195854) Homepage Journal

  after peace came in the war that ensued after the fall of communism, all the state businesses were sold to private investors. It was expected that they would build profitable enterprises - which did happen elsewhere, as in the Russian Federation - but in the former Yugoslavia, the "investors" sold off the assets for quite a lot more than they paid to acquire them.

  Mostly stuff like tools. The communists were not quite as impoverished as most westerners think. If you're going to defend yourself against the west, you need some metalworking tools.

  --
  Yes I Have No Bananas. [gofundme.com]

  Parent