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Twitter CEO Costolo out As Growth Pressure Mounts TECHNOLOGY SATURDAY, JUNE 13, 2015 Twitter CEO Costolo out as growth pressure mounts SAN FRANCISCO: Twitter chief execu- a product people love and value, adver- not tainting the experience users cher- tive Dick Costolo is surrendering his tisers and users will follow,” Dorsey said. ish. “This one is going to be tough,” post, handing the reins back to co- Costolo said he began discussing Enderle said of finding a leader with the founder Jack Dorsey as the popular departure with the board late last year skills Twitter needs at the helm. service struggles to boost its ranks of and opted to step down now because Industry tracker eMarketer estimated users. Costolo will step down on July 1, remaining during a search for a succes- that the number of people using Twitter and Dorsey will take back the Twitter sor would have been too distracting to monthly will grow 14.1 percent this chief job in an interim capacity, the the company. Criteria had yet to be year, compared to a growth rate of 30 company announced Thursday. Dorsey established regarding what Twitter is percent two years ago. By 2019, Twitter previously held the job for about a year looking for in a new chief. “We are look- user growth will slow to about six per- and a half, leaving the post in 2008. ing for someone who really uses and cent worldwide, eMarketer forecast. The NEW YORK: Twitter co-founder and Chairman Jack Costolo came on board in 2010. “The loves the product in every single way,” company said the number of active Dorsey speaks at a campaign fundraiser for future belongs to Twitter thanks in Dorsey said. monthly users rose above 300 million, Democratic Candidate for Public Advocate Reshma large part to Dick Costolo’s dedication Saujani. —AP and vision,” Dorsey said. Dorsey said he will stay at the Twitter helm while the board finds someone to replace Costolo What Twitter’s long-term. Costolo will remain on the Twitter next CEO can learn board of directors, and Dorsey will con- tinue to be chief of mobile-centered from Facebook financial transactions company Square that he co-founded in 2009. The shake- LOS ANGELES: As Jack Dorsey returns to Twitter’s helm, he up comes amid rumors that Costolo may want to take a good look at its competitor Facebook, was under tremendous pressure from which managed a turnaround with a newfound product focus investors to prove his worth by ramping three years ago. Dorsey is going to take over as Twitter’s inter- ranks of Twitter users and revenues im CEO beginning July 1 to replace outgoing CEO Dick brought in by the globally popular one- Costolo, whose departure was announced Thursday. Costolo’s to-many messaging service. exit came just a week after major Twitter investor Chris Sacca “Unfortunately this news isn’t surpris- pinned a long op-ed about his disappointment with the com- ing,” Forrester analyst Nate Elliott said. pany’s current products, and the potential he sees for a turn- “The bottom line is that Twitter isn’t around. very good right now at serving either its Sacca argued that Twitter had built a product for power users or its marketers.” Costolo guided users, and shown little ability to open up to mainstream users, the San Francisco-based firm through or monetize those power users through major brand advertis- its initial public offering, but growth has ing dollars. “For most people, tweeting is scary,” he wrote, been disappointing and the company LAS VEGAS: Twitter CEO Dick Costolo speaks during a panel discussion adding: “New users usually get lost in the rough before they has yet to show a profit. Twitter shares at the International Consumer Electronics Show. —AP have a chance to find any diamonds.” Sacca went on to say jumped more than three percent to some major changes to Twitter’s product to make it more $37.16 in after-market trading that fol- Slowing growth but that figure grew at a pace too slug- approachable to mainstream audiences-and the reinstatement lowed release of word Costolo is out as Replacing Costolo might not be the gish for many investors, and below rivals of Dorsey can be a first sign that the company has heard his chief. solution Twitter needs, according to in social networking. demands. Dorsey co-founded Twitter in 2006, served as its ear- Silicon Valley analyst Rob Enderle of Twitter’s share of the $145 billion ly CEO and is seen as one of its most product-focused execu- Holding course Enderle Group. Twitter’s trouble isn’t a spent on digital advertising around the tives. Dorsey said during a conference call lack of skill and hard work by those in world this year is slightly less than one So what can Dorsey do to turn Twitter around? He might that he will split his time between the company; it is that the short-form, percent, up from just shy of a half-per- want to start by taking a closer look at Facebook. The compet- Twitter and Square, relying on manage- real-time nature of the service does not cent last year, eMarketer reported. In ing social network faced a similar crisis of investor confidence ment teams he knows and trusts. He lend itself to advertising crucial to rev- comparison, Facebook increased its three, four years ago, when mobile monetization fell behind expressed faith in the strategy Costolo enue in an age when people want free share of the worldwide digital ad market expectations just as audiences were transitioning from the has in place at Twitter and products in online services, the analyst reasoned. to 7.9 percent this year from 5.8 percent desktop to mobile devices. Facebook didn’t try to combat this the company’s pipeline. “I don’t foresee “You could liken it to being in an off- in 2013, according to the industry track- trend with small tweaks to its product, but took some bold any changes in strategy or direction,” road race and your problem is your car er, which said Google led the market bets on the future of mobile apps: The company acquired Dorsey said. “The opportunity is doesn’t work off-road,” Enderle said. “It’s with a 31.4 percent stake. In its latest Instagram for $1 billion and went on to buy Whatsapp for a absolutely massive. The intention is to not about the driver or the team; the earnings report, in April, Twitter said it whopping $19 billion in 2014. certainly bring it to everyone around whole thing is about the car.” It could had a net loss in the quarter of $162.4 It also built out its own Messenger app as a separate mobile the world.” The plan to do that includes help if Twitter’s next chief is outstand- million. Because Costolo is resigning, application, betting that users would in the future gravitate making Twitter easy and rewarding for ingly creative when it comes to finding there is no severance package involved, towards purpose-built apps, and giving up on the notion that users, according to Dorsey. “If we build ways of making money with ads while according to Twitter. —AFP everything had to happen in Facebook’s stream. That bet paid off for Facebook: Whatsapp now has 800 million monthly active users. Facebook’s own Messenger is being used by 600 million users per month, and Instagram is being used by 300 Uber plans $1 billion China investment million people a month. Facebook itself still attracts 1.4 billion users per month, and the company’s mobile ad revenue is sky- BEIJING: Taxi hailing app Uber plans to invest seven billion ny helps put customers in touch with private drivers as an rocketing, in part due to its multi-app strategy. yuan ($1.1 billion) in China, the Financial Times reported on its alternative to traditional taxis. Twitter should take the same approach-and actually has website, citing a company email. The paper said it obtained It has become the focus of global controversy and is facing begun doing so when it acquired and launched Periscope ear- the message sent to Uber investors this week by its CEO Travis legal challenges and limits on its activities. Taxi companies lier this year. The live video streaming app is tied into Twitter’s Kalanick. The FT posted a copy of the email file in a hyperlink claim Uber drivers should be regulated in the same way as nor- platform, but delivers an independent experience-one that within the article. “Given our recent success in the region and mal cabs and are leading the campaign against the service, may ultimately appeal to more people than an endless stream substantial market share gains, we are planning to invest over which has a small but growing market share in China. The pop- of 140-character messages. The same could be true for news- 7 billion RMB (over 1 billion USD) in China in 2015 alone,” the ularity of private-car booking enterprises such as Uber and centric apps or apps focused on personal media that leverage email said, referring to renminbi, another name for the Chinese China’s dominant taxi-hailing apps Kuaidi Dache and Didi Twitter’s technology, but deliver a simpler experience more currency. Uber riders were making almost 1 million trips per Dache has soared in the country, where traditional taxis are attuned to the interests of mainstream consumers. day with business doubling in the last month, the email added. criticized for poor service with rude drivers who routinely Here’s how Chris Sacca put it: “The focus and simplicity that It also said that Uber is operating in 11 cities in China, and ignore customers on the street.
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