Twitter CEO announces major managerial shakeup

Twitter has announced a major overhaul of its top managerial ranks as the social network struggles to boost its profitability and prospects for growth.

The announcement on managerial shakeup, according to AFP, was announced by Twitter’s CEO Jack Dorsey on Monday.

Before Dorsey confirmed in a tweet early Monday that Twitter was saying goodbye to several senior executives, the story had leaked in a report by the Wall Street Journal and tech news website, Re/code.

The executives who are said to be leaving the company include Alex Roetter, head of engineering; product chief, Kevin Weil; Katie Stanton, the head of media; and Skip Schipper, Twitter's vice president of human resources.

"I'm forever grateful to @aroetter, @katies, @skipschipper & @kevinweil for everything they've given to Twitter. They are absolutely amazing!" Dorsey wrote at his @jack Twitter account, adding that he was "sad" they are leaving.

Dorsey also released a longer statement in answer to what he called "inaccurate press rumors" about the overhaul, in which he clearly noted that the departing executives "have chosen to leave the company."

"All four will be taking some well-deserved time off. I'm personally grateful to each of them for everything they've contributed to Twitter and our purpose in the world," Dorsey wrote, adding, "They are phenomenal people!"

Dorsey noted that Twitter's chief operating officer, Adam Bain, "will be taking on additional responsibilities" as part of the shakeup, along with chief technology officer, Adam Messinger.

According to a report by The Journal, Twitter is planning to add two new board members as early as this coming week, and at least one of them is supposed to be a high-profile executive in the media industry.

The newspaper’s report added that before returning as CEO, Dorsey had told Twitter last year that all the existing board members must give up their posts.

At present, Dorsey is managing two firms at the same time, including Twitter and Square, with the latter being a mobile payments startup. Both firms are multi-billion-dollar companies, which are currently struggling to achieve profitability.

Dorsey had already run Twitter from 2007-2008, when he had to leave the post because he was assessed to be a better engineer than a boss.

Twitter stocks recently hit a new record low as the number of its users has been increasing more slowly than the company originally predicted.

Twitter had 320 million active users at the end of September, which was just four million more than three months earlier.

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