Twitter's Rowghani quits
Rowghani announced his resignation in a tweet, saying, "Goodbye Twitter. It's been an amazing ride, and I will cherish the memories."
Twitter, in a regulatory filing, said Rowghani will continue to be a Twitter employee and act as a strategic advisor to the CEO and that the company would not hire a replacement.
"All of Rowghani's operating responsibilities will be assumed by other members of the Twitter management team," the company said.
The move comes amid market skepticism about Twitter's ability to boost its growth around the world and deliver profits.
"This is the third, and arguably the most surprising, of recent top management changes at Twitter," said Paul Ausick at 24/7 Wall Street, "Former Vice Rresident of Consumer Product, Michael Sippey, took an advisory role in January, and Twitter's Senior Vice President of Engineering, Chris Fry, stepped down a few weeks ago."
Ausick said: "Rowghani's sale of 300,000 shares in Twitter, at profit of nearly $10m, rubbed-up some of the company's staff the wrong way. The sale came at a time when the shares were already under pressure and dropping steadily."
The company's founders and the CEO had pledged not to sell shares as a demonstration of confidence in the company, but Rowghani chose a different course.
The online news website Re/code, which reported on Rowghani's status, said the move was "a clear demotion" for Rowghani and part of a broader shakeup aimed at reviving growth at Twitter.
Shares in Twitter rose 4.5% Thursday to $37.16, far off the level above $70 a share after the company's public offering last year.
In April, Twitter shares were hit hard by the company's quarterly report which showed only a modest gain in users to 255m.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
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