Twitter rules out Jack Dorsey as permanent CEO kicking off formal search for new boss

Charlotte Henry
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Twitter is searching for a new chief executive (Source: Getty)

Twitter has announced that it is formally searching for its new chief executive to replace Dick Costolo, who is standing down at the beginning of next month.

Co-founder Jack Dorsey has been named interim chief executive of the social media giant. However, in a statement, the firm said it has established a search committee in order to find a permanent boss. The statement said:

On 11 June, Twitter announced that current CEO Dick Costolo would step down effective 1 July. The board has established a search committee to identify candidates to become Twitter's next CEO. The committee has retained Spencer Stuart, a leading global executive search firm, to assist in a thorough search process that will include both internal and external candidates.
The committee will only consider candidates for recommendation to the full board who are in a position to make a full-time commitment to Twitter. The search is proceeding with a sense of urgency but the committee will take the time necessary to find the right CEO to lead the next phase of Twitter's growth.
This will effectively rule out Dorsey becoming chief executive for a second time, as he is also currently the chief executive of mobile payment company Square - unless he were to give that up.
Peter Currie, who will chair the search committee, commented:
The board has the utmost confidence in the strong management team Dick has assembled and in Jack Dorsey's ability to lead the company on an interim basis while we identify a permanent CEO. We are confident in Twitter's product roadmap and excited by the current pipeline. We also believe much more can be done to realize Twitter's enormous unmet long-term potential. In our next CEO, we are looking for a bold thinker and proven leader capable of helping Twitter fully capitalise on its unique platform for the benefit of users, advertisers and employees, and to maximise value for investors in the years ahead."

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