According to the reports from CNET on September 14, Twitters biggest investor once again posted several blogs in order to urge the company to appoint new CEO.
Last Friday, Twitters investor Christ Sacca posted a series blogs criticized the board of directors that made slow movement for appointing a new CEO, resulting in at an embarrassing stage of without a CEO in the current three months.
In the statement of Christ Saccas blogs, he expressed his wished Jack Dorsey,Twitters founder, to be the its new CEO. Jack Dorsey has been working as a interim CEO since the reassignment of Dick Costolo early this year.
The board of directors is working on the selection of new CEO, but Sacca suggested the person who is competent should be Jack Dorsey. But there was still no confirmation from its company about this blog until September 14.
So for, Twitters financial standing face difficulties and its membership growth becomes slower. The board of directors faces much pressure from the public and inside. Saccas criticsm push the boards pressure even more. A great many of investors criticized Twitters senior management group failed to attract more new members last year. There was personnel adjustments in its senior management in June, many of the senior managers left Twitter and seeked for new challenges.
It was not the first time that Sacca clamped down to the board by blogging on Twitter. Back to August 7, he posted a lot of blogs on Twitter to support Dorsey. Sacca became its biggest share holder at IPO, 2013
Early this May, he wrote a public letter with 8500 characters to urge the companyto simplify its products and service so that its users can apply them like a cork.
The reason why Twitter made changes in its personnel was that its share prices fell rapidly. Since the middle of August, its share price is just a bit higher than issue price 26 cents, at IPO in 2013.Its share price once exceeded 70 cents in December, 2013, while it droped down to 60 cents in Feb, 2014. Its market quotations have never reached that figures then.
Twitters share drawdown was over 1% last Friday, closed at 27.39 cents.
Sacca blamed drawdown of Twitters share to its boards inaction from his statement in the blogs.
Dorsey had been appointed as CEO when Twitter was initially founded in 2006. Dorsey is also working as Squares CEO at the moment. In his opinion, Dorsey is Twitter’s heart and soul. Sacco feels that Dorsey could be competent with doing double-duty.