Business

Twitter boss says two managers should leave, hiring stopped in the middle of the Musk takeover




May 12 (Reuters) – Two senior executives on Twitter (TWTR.N) overseeing the consumer and revenue divisions will leave the company for social media, CEO Parag Agrawal told employees in a note Thursday, in one of the biggest upheavals. in the company since billionaire Elon Musk announced he would buy it for $ 44 billion.

Agrawal also said in the note, which was seen by Reuters, that Twitter would pause most hiring and review all existing job offers to determine if anyone “should be withdrawn.”[ads1];

He attributed the decision in part because Twitter was unable to reach user growth and revenue milestones to maintain confidence that they could reach aggressive growth targets it had set in 2020.

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“We must continue to be aware of our teams, hiring and costs,” Agrawal wrote.

The company had a goal of $ 7.5 billion in annual sales and 315 million daily users by the end of 2023, but withdrew those goals in its recent earnings report.

Kayvon Beykpour, who headed Twitter’s consumer division, and Bruce Falck, who oversaw revenue, both tweeted Thursday that the departures were not their decisions.

“Parag asked me to leave after telling me he wants to take the team in a different direction,” Beykpour tweeted, adding that he was still on paternity leave from Twitter.

“I must emphasize that I was also fired by (Parag),” Falck said, although it appeared that he later deleted the tweet.

Falck thanked his team in a tweet thread and updated his biography to say “unemployed”.

“We were able to achieve the results we did through your hard work – quarterly revenue does not lie. Google it,” he said.

Jay Sullivan, who headed the consumer unit during Beykpour’s leave, will be the permanent head of the division. He will also oversee the revenue team until a new leader is named, Agrawal said in the memo.

Although no layoffs are planned, Agrawal said Twitter will reduce its spending on entrepreneurship, travel and marketing as well as the real estate footprint.

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Reporting by Sheila Dang in Dallas; additional reporting by Katie Paul Editing by Chizu Nomiyama, Will Dunham, Nick Zieminski and Bernard Orr

Our standards: Thomson Reuters Trust Principles.



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