For those paying attention to the Twitter CEO rumors, there’s only one question on everyone’s mind: Will Jack actually be back?
The hashtag #JackIsBack started trending on Twitter in June once it was announced that Twitter founder Jack Dorsey, also CEO and founder of Square, would be taking over as interim CEO — following the departure of former Twitter CEO Dick Costolo. And in those three months since the search started, its value had dipped as its stock slumped 22 percent, and other executives left.
Twitter’s board meets tomorrow (Sept. 4) to discuss the search results, sources close to the matter told Bloomberg, who also indicated that Dorsey was one of the top candidates. But his candidacy has not been without controversy on the board since he is also leading Square, which is nearing its own IPO. Boards on both companies have expressed that he cannot permanently be CEO of both Twitter and Square.
[bctt tweet=”Will Jack actually be back as Twitter’s official CEO?”]
The tension has been rising among investors who are growing increasingly impatient in the wait to hear about the company’s CEO plans, which is justified, according to Colin Sebastian, an analyst at Robert W. Baird & Co.
“The company, its employees and certainly its shareholders are in a little bit of limbo,” Sebastian told Bloomberg. “That qualifies it as an urgent matter of business.”
Twitter refused to comment on the matter to Bloomberg, but its sources have also indicated that its search firm, Spencer Stuart, has been speaking with potential candidates — which includes former Cisco Systems Inc. executive Padmasree Warrior and CBS Interactive Inc.’s Jim Lanzone, the sources said.
[bctt tweet=”Jack Dorsey, on paper and with his history, is probably a great candidate”]
The unnamed sources also indicate that those choices aren’t serious considerations, given that Dorsey is the founder of Twitter. Dorsey also just recently bumped his stake in Twitter, along with other executives — which set off more chatter about his future with the company.
“Jack Dorsey, on paper and with his history, is probably a great candidate, but not if he’s also going to be CEO of Square,” Sinan Aral, a corporate governance professor at the MIT Sloan School of Management, told Bloomberg. Aral also owns Twitter stock.
Marc Andreessen of Andreessen Horowitz has one major name that’s come out supporting Dorsey, telling Bloomberg: “I’m reflexively in favor of founders leading companies whenever possible.”
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