Musk: plans to step down as CEO of Twitter at the end of this year

On February 15, local time, Twitter CEO Musk said at the Dubai World Government Summit via video link that he planned to step down as Twitter CEO by the end of 2023 and find a successor. Musk said that before he abdicated, Twitter needs to stabilize its operation, including financial health and clear product lines. Musk said: “I think that the end of this year will be the right time to find another leader, because I think Twitter should be stable around the end of this year.”

Interpretation of this information:

Twitter CEO Jack Dorsey announced that he plans to step down as CEO of the company by the end of 2023 and find a successor. Speaking at the Dubai World Government Summit via video link, Musk stressed the importance for Twitter to stabilize its operations, including its financial health and clear product lines, before he relinquishes his role. Musk believes the end of 2023 will be an appropriate time to find another leader since Twitter should be stable around that time.

This announcement comes mere months after Dorsey faced a challenge from activist investor Elliot Management, who pushed for Dorsey’s removal. The shareholder accused Twitter’s CEO of neglecting his other responsibilities while in charge of the social media company. These “other responsibilities” referred to Dorsey’s other company, Square Inc., where he was also acting as CEO.

Dorsey co-founded Twitter in 2006 and served as the company’s CEO until 2008 when he was replaced by Evan Williams. He reclaimed the CEO title in 2015. He was also CEO of Square, a payment technology company, from 2009 to 2013 and regained the position in 2015. While Dorsey is a beloved figure among Twitter users, the company has struggled to keep pace with competitors, including Facebook.

Dorsey’s departure will leave a void at the top of Twitter. Dorsey’s leadership style has been seen as unconventional, and he has made a number of public statements in recent years that have raised eyebrows. Despite this, he has implemented several notable changes at the company.

In conclusion, Jack Dorsey, Twitter’s CEO, plans to step down by the end of 2023 and find a successor. Before he relinquishes his role, Dorsey believes that Twitter needs to stabilize its operations, including its financial health and clear product lines. The timing is critical since Dorsey had to face a challenge from activist investor Elliot Management recently, who pushed for his removal. Despite Dorsey’s unusual leadership style, he has implemented several notable changes at the company.