New York Times columnist Jim Stewart reacted to the report that Twitter CEO Dick Costolo is stepping down from his position July 1 and appointing Jack Dorsey, Twitter’s co-founder and former chief, as the interim CEO while they look for a permanent replacement on CNBC’s “Squawk on the Street” on Friday.
Costelo, the CEO of five years, had grown weary of Wall Street second-guessing the social network’s recent lackluster user growth and inability to attract advertisers at the same rate as its competitors.
Stewart then questioned if the issue with Twitter was personnel or if it was the concept that users did not spend as much time on the site as they would with a social media site like Facebook.
“I think the key question here is, is this a personnel issue that can be solved by bringing in new leadership or is it a real concept issue where the old underpinning of this company may not lead to the kind of growth that investors are hoping for? Or is it some kind of a combination of the two? I think it’s at least some of a concept problem, which longer term is gonna be more challenging, making it harder for investors.”
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