UPDATE: Twitter Down 3% After Confirmation Of 4 Execs' Departure
Shares of Twitter Inc (NYSE: TWTR) are down more than 3 percent following CEO Jack Dorsey's announcement of the departure of four key executives overnight.
On Monday, Twitter's CEO Jack Dorsey confirmed in a tweet that a total of four executives are now leaving the company, including Katie Jacobs Stanton and Kevin Weil.
The departure is a result of Twitter's failure to improve its site quickly enough to reverse slowdown in its user growth, according to people familiar with the matter.
"I'm personally grateful to each of them for everything they've contributed to Twitter," Dorsey tweeted.
The Four Names
Dorsey confirmed the following departures:
- Product Head Kevin Weil
- VP of Human Resources Brian "Skip" Schipper
- Media Head Katie Jacobs Stanton
- Senior VP of Engineering Alex Roetter
Adam Messinger, Twitter's chief technology officer will now be taking over all of product and engineering. Adam Bain, Twitter's chief operating officer will be covering media and human resources responsibilities.
Twitter's Report Card
Shares of Twitter have fallen 56.3 percent the past year. At the time of this publication, Twitter was seen trading down 3.14 percent at $17.28.
Twitter is scheduled to report its fourth-quarter earnings on February 10.
Image Credit: Public Domain
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.