Leadership Shakeup in the Tech Sector
Two heavy hitters in the tech world have made headlines recently. Twitter has been in the news over its activity in personnel turnover. Twitter fired over 300 employees in attempt to restructure and streamline the company. This action drew a lot of attention to the company both for the sizable portion of the company getting cut, but also due to the way in which employees received the news. Prior to receiving direct notification of their termination, many employees were locked out of their company email accounts, but privvy to the news of this global firing spree. While Twitter maintains that their severance package was comprehensive and very generous, this tactic for layoffs did not look good, especially for the company’s newly appointed CEO, Jack Dorsey. While the company posits these layoffs as a means of streamlining Twitter’s processes – particularly as they pertain to the programmers, today’s spotty service did not help the new CEO’s statements concerning these layoffs. But only time will tell whether or not these significant cuts in personnel will aid the image and functioning of this company.
In addition to Twitter’s new changes, the mobile payments company, Square has revealed that it will go public. Jack Dorsey is the connecting point of these two stories as he is also the CEO of Square. For those who are unfamiliar, Square is a company that makes credit card reading devices that can be attached to mobile devices, creating the opportunity for commerce anywhere that has wifi. Square also makes the associated app and software that syncs up with the physical card reader. While there were rumblings of an anticipated IPO for Square over the summer, it wasn’t until October that the company filed with the SEC indicating an imminent Initial Public Offering. And the recent reveal that Jack Dorsey will be installed as the CEO of Twitter complicated matters somewhat, considering the time and energy necessary to adequately maintain both posts.
Although this month has proven to have big news for both companies, only time will tell what is on the horizon for both Twitter and Square, and their shared leader.
To learn more about Jack Dorsey, see his interview below.