Twitter Inc (NYSE:TWTR) claims that it will not consider Jack Dorsey as a candidate for a permanent position as the company’s CEO if he remains at Square Inc.
Jack Dorsey is one of the co-founders of the social network. Twitter is currently looking for someone who can occupy a permanent position as the company’s Chief Executive. The company’s board of directors gave the task of finding the next CEO of the firm to executive search firm Spencer Stuart as reported on Monday. The company announced that the search has a certain degree of urgency to it, though they will go at their own pace to find the person best fit for the job.
Dorsey has been the interim CEO of the social network company for less than a month. He is also the head of the digital payment firm, Square Inc., which he co-launched in 2009. He had also been the Chief Executive at Twitter for a while before he was removed from that position in 2008.
His situation is somehow similar to that of Steve Jobs. Analysts had speculated that Dorsey might keep the two leadership positions in both firms. However, the board of directors at Twitter claimed that he is not eligible for the position as long as he is the head of Square Inc. The company’s search for a new chief executive was ignited by the exit of Dick Costolo, who is expected to step down on July 1.
Costolo became the company’s CEO in October 2010 and has been occupying the position since then. Three years after he took the position, he oversaw Twitter’s public market debut. The company’s shares dropped more than 50% after reaching a high towards the end of 2013.
Twitter Inc (NYSE:TWTR) has been in constant competition with its rival firm, Facebook Inc. The firm even adopted Facebook’s strategy of ensuring the future survival and performance through strategic acquisitions. Over the past two years, both firms have generated more income from adverts.
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