Changes in Twitter Board: Influential Twitter shareholder backs Jack Dorsey as new CEO; puts board under pressure

Chris Sacca, an influential shareholder at Twitter is backing co-founder and chairman Jack Dorsey as Twitter's next chief executive. Besides that, Sacca has also proposed the board to promote company’s head of global revenue and partnerships, Adam Bain as the president and chief operating officer and he wants co-founder Evan Williams to replace Dorsey as executive chairman, according to reports.

Twitter’s former CEO, Dick Costolo is reportedly planning to step down as the company’s board of directors by the end of the year or once the social networking company appoints a new Chief Executive. On July 1, Costolo stepped down as CEO of the company and continued on Board of Directors. Meanwhile, company’s co-founder and chairman Jack Dorsey took over as the interim CEO. Costolo had reportedly considered moving out of the board since he stepped down as the CEO of the company, reports The New York Times. Sources familiar with Costolo’s plans told the publication that he decided to remain on board until Twitter finalized on its new chief executive, in order to ensure a smooth period of transition.

Sacca has made his opinion public in a series of tweets, reports USA Today. His proposal has increased pressure on the board, that too, at a time, when the company’s stock hits all-time lows. Besides that, a proposal like this from an influential shareholder builds up more pressure on the board, which had made it clear that the new CEO cannot hold the position of a CEO in any other company. Considering the board’s decision, Dorsey does not appear to fit the bill as he is currently, the Chief of Square, a mobile-payments company, which he established after Twitter.

Currently, Jack Dorsey is serving as the interim CEO but Dorsey has expressed his intentions of not quitting as the Chief of Square, reports Re/Code. The publication also mentioned that the company might have its new CEO by September. While the company is considering Twitter’s insiders for the top position, the company is also ready to consider experts outside the company to take over as the CEO.

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