Twitter CEO says two leaders are leaving, hiring pauses amid Musk . acquisition

May 12 (Reuters) – Two Twitter tops (TWTR.N) Chief Executive Officer Parag Agrawal told employees in a memo Thursday that the leaders who oversee the consumer and revenue divisions will be leaving the social media company, in one of the biggest changes at the company since billionaire Elon Musk announced he would buy it for $44. one billion.

Agrawal also said in the memo, seen by Reuters, that Twitter will pause most hiring and review all existing job offers to determine if any should be “withdrawn”.

He attributed the decision in part to Twitter not being able to generate user and revenue growth to maintain confidence that it could reach the massive growth targets it had set in 2020.

Register now to get free unlimited access to Reuters.com

“We need to continue to be intentional about our teams, staffing, and costs,” Agrawal wrote.

The company had been targeting $7.5 billion in annual revenue and 315 million daily users by the end of 2023, but it pulled those targets in its latest earnings report.

Kayvon Beykpour, who leads Twitter’s consumer division, and Bruce Falck, who oversaw revenue, tweeted Thursday that leaving was not their decision.

“Paragg asked me to leave after letting me know he wanted to take the team in a different direction,” Bikbor wrote on Twitter, adding that he was still on paternity leave from Twitter.

“I’ll make it clear that I too was fired by (Baragg),” Falk said, although he later appeared to delete the tweet.

Falk thanked his team in a tweet and updated his resume to say “Unemployed.”

See also  Selling shares of unprofitable companies

“We’ve been able to deliver the results we’ve achieved through your hard work – quarterly revenue doesn’t lie. Google is that,” he said.

Jay Sullivan, who was leading the consumer unit during Pickpoor’s leave, will become permanent head of the division. In the memo, Agrawal said he will also oversee the revenue team until a new leader is appointed.

Although no layoffs are planned, Agrawal said Twitter will reduce its spending on contractors, travel and marketing as well as the real estate footprint.

Register now to get free unlimited access to Reuters.com

(Sheila Dang reports in Dallas); Additional reporting by Katie Paul.

Our criteria: Thomson Reuters Trust Principles.

Leave a Reply

Your email address will not be published.