Twitter Board of Directors Provides Update on CEO Search
SAN FRANCISCO, Calif. - June 22, 2015 - The Board of Directors of Twitter, Inc. (NYSE: TWTR) today provided an update on its CEO search process.
On June 11, 2015, Twitter announced that current CEO Dick Costolo would step down effective July 1, 2015. The Board has established a Search Committee to identify candidates to become Twitter's next CEO. The Committee has retained Spencer Stuart, a leading global executive search firm, to assist in a thorough search process that will include both internal and external candidates.
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 search is proceeding with a sense of urgency but the Committee will take the time necessary to find the right CEO to lead the next phase of Twitter's growth.
Peter Currie, Twitter's Lead Independent Director and Chair of the Search Committee, said, "The Board has the utmost confidence in the strong management team Dick has assembled and in Jack Dorsey's ability to lead the company on an interim basis while we identify a permanent CEO. We are confident in Twitter's product roadmap and excited by the current pipeline. We also believe much more can be done to realize Twitter's enormous unmet long-term potential. In our next CEO, we are looking for a bold thinker and proven leader capable of helping Twitter fully capitalize on its unique platform for the benefit of users, advertisers and employees, and to maximize value for investors in the years ahead."
About Twitter, Inc.
Twitter (NYSE: TWTR) is a global platform for public self-expression and conversation in real time. By developing a fundamentally new way for people to create, distribute and discover content, we have democratized content creation and distribution, enabling any voice to echo around the world instantly and unfiltered. The service can be accessed at Twitter.com, via the Twitter mobile application and via text message. Available in more than 35 languages, Twitter has approximately 302 million monthly active users. For more information, visit discover.twitter.com or follow @twitter.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Twitter's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Twitter's expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding Twitter's products, product pipeline, strategy, potential, objectives, priorities, initiatives and future growth. The forward-looking statements are based on Twitter's current expectations and are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. These risks include the possibility that: Twitter's user base and engagement do not continue to grow; advertisers reduce or discontinue their spending on Twitter; data partners reduce or discontinue their purchases of data licenses from Twitter; and Twitter experiences expenses that exceed its expectations. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Twitter's Annual Report on Form 10-K for the year ended December 31, 2014 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed with the Securities and Exchange Commission. The forward-looking statements in this press release are based on information available to Twitter as of the date hereof, and Twitter disclaims any obligation to update any forward-looking statements, except as required by law.
George Sard / Paul Kranhold
Sard Verbinnen & Co
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