Much like Steve Jobs and Apple, Twitter co-founder Jack Dorsey may come full circle as CEO of Twitter. Dorsey was fired as CEO in 2008. He was named the company’s chief executive in June after the former CEO stepped down. A credible report by the tech website, Re/code claims that Dorsey could take back his position as permanent CEO as soon as this week.
Twitter fired Jack Dorsey as CEO in 2008 for failing to properly manage and prevent frequent outages at a time when Twitter growth was exploding. And according to author Nick Bilton in his book Hatching Twitter: A True Story of Money, Power, Friendship, and Betrayal, complaints that he was distracted by his many other interests and would leave work “around 6pm for drawing classes, hot yoga sessions and a course at a local fashion school” hastened his demise.
With Mr. Dorsey fired, Dick Costolo stepped in as CEO and led Twitter for five years. Mr. Costolo stepped down in June after constant criticism and declining user growth. Mr. Costolo publicly commented that he was tired of Wall Street’s criticism for not growing user base or diversifying the brand. After replacing the majority of Twitter’s top management team last year in an attempt to speed up the company’s growth, Mr. Costolo asked members of the company’s board to replace him as chief executive as well.
While Mr. Dorsey was appointed as temporary acting chief, Twitter’s board of directors made it clear that they didn’t want him permanently. They hired headhunters to find a candidate fully committed to Twitter’s growth and success and made the following statement: “The Committee will only consider candidates for recommendation to the full Board who are in a position to make a full-time commitment to Twitter.” The comment was clearly directed at Mr. Dorsey.
Mr. Dorsey is currently the chief executive of Square, the electronic payments company he founded. He established the company 18 months after his firing from Twitter. Critics believe that running two companies simultaneously would adversely affect both.
While running Square and Twitter simultaneously is a tough job, Dorsey would not be the only executive to run two major companies at the same time. Elon Musk has served as CEO of both SpaceX and Tesla for more than ten years now. Warren Buffett runs both Berkshire Hathaway and Salomon Brothers. And Steve Jobs led Apple and Pixar until he sold Pixar to Disney.
This might suggest to some, that running a large organization may not be as complex as one might expect. Running a small business, like title loans Fresno, requires a full-time commitment.
The board is perhaps wary, not so much because of his title at Square, a company that is about to go public, but of Dorsey’s diverse interests including becoming New York City mayor, yogi, and fashion designer.
And the board of directors aren’t the only ones with concerns. Twitter stock closed down 8% to $24.68 after the Re/code technology news site reported that Jack Dorsey would be named permanent chief executive.