In the past three months, Twitter has been searching for its next CEO to run its business. Jack Dorsey is a potential candidate and has received support from important players like Rizvi Traverse which was Twitter’s largest shareholder when Twitter went public in 2013. Jack Dorsey is currently the interim leader of Twitter, but there are many people who do not think he should be Twitter’s next CEO. Because he is the CEO of another company called Square, doubters are worried that he would not be able to dedicate enough time to Twitter. In fact, Square filed for an initial public offering recently and that whole process will take a large chunk of Dorsey’s time. Keith Rabois who is a major shareholder of Square believes that Dorsey would be able to handle running both companies just like how Steve Jobs was able to when he led Apple and Pixar.
While this search has not taken an unusually long time, analysts are becoming impatient with this whole process. Many companies are not spending additional marketing dollars to Twitter until it picks a CEO because of the uncertainty. Twitter’s stock was recently downgraded to high risk by analysts at Citi research and the stock price closed at $25.29 last Friday which was below the IPO price of $26. As the pressure increases for Twitter to find its next CEO, more people want Jack Dorsey to become the next CEO. Originally Twitter was worried that investors would not like a new CEO who could not dedicate all of his/her time to one company, but now Robert Peck, an Internet analyst at SunTrust Robinson Humphrey, says, “Investors have come to terms with a CEO of Twitter that is also a CEO of someplace else, whereas that wasn’t the case a few months ago.”