Twitter has lost several of its top executives in the past few months, and its troubles deepened as two more executives quit the company on Tuesday. The micro-blogging service has now lost Chief Technology Officer Adam Messinger and Vice President of Product Josh McFarland.
More executives depart
In a tweet, Messinger said he need some time off, while McFarland quit the company to join venture capital firm Greylock Ventures as a general partner next year. The departures of these executives come on the heels of several other upper-management exits, including former COO Adam Bain, who quit last month. The company replaced him with Anthony Noto.
In a reply to Messinger’s resignation tweet, CEO and co-founder Jack Dorsey said, “We’ve shown our strategy is having a direct and positive impact on our audience growth and engagement, and we’re executing better and faster every day. I’ll be working even closer with our engineering and design teams to ensure we continue to be the fastest and best service to show what’s happening in the world.”
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More
Messinger spent five years at Twitter, and in March 2013, he became the CTO, handling design, engineering and product development at the company. McFarland was with Twitter for just two years. Earlier this month, Keith Coleman was hired as vice president of product.
Nothing going right for Twitter
Employee exits have marred Twitter’s top leadership, with product guru Dorsey back at the helm while also handling duties at Square. This year has been bad for Twitter, as it lost leaders from human resources, media partnerships, media and commerce, business development and engineering.
According to The New York Times, all this has taken toll on employee morale at the company, with some of them not showing up for work as of October. In October, the company announced its plans to lay off 9% of its employees and shut down its video app Vine to keep costs down. Speculations suggest the company might soon sell itself.
Twitter is going through a phase of slackening advertising and user growth owing to fierce competition from Facebook and Google. Though the platform is regularly used by influential names like President-elect Donald Trump, regular users have shied away from it. The company, however, is trying to revive its product by live-streaming events like NFL games and the presidential debates.
On Tuesday, Twitter shares closed down 1.75% at $17.92. Year to date, the stock is down almost 23%, while in the last six months, it is up almost 10%.