new CEO Parag Agrawal hasn’t even been in the job a week and he’s already shaking up the company’s leadership team. Two high-ranking executives are out.
The company (ticker: TWTR), in a filing with the Securities and Exchange Commission on Friday, disclosed that engineering lead Michael Montano and Dantley Davis, design and research lead, will step down on Dec. 31.
“Chief Executive Officer Parag Agrawal is restructuring the leadership team to drive increased accountability, speed, and operational efficiency,” the company said in the filing.
Other changes that Twitter laid out: Kayvon Beykpour, Bruce Falck, and Nick Caldwell will be general managers of consumer, revenue, and core tech teams, respectively. Lindsey Iannucci will take over as Agrawal’s chief of staff and vice president of operations.
Twitter stock was down 1.8% to $41.89 in Friday trading. Shares fell this week after the company named Agrawal to succeed co-founder Jack Dorsey. Traders had been hoping for a fresh look from an external CEO candidate.
Agrawal faces a long list of challenges, including a polarizing political environment and conflicting concerns from lawmakers about what posts and users it censors, most notably former President Donald Trump. And Twitter has struggled for years with monetizing and growing its user base.
But with the stock is trading at about 4.5 times 2023 revenue estimates, investors may have a rare bargain on their hands. Agrawal could help the company improve its offerings. Unlike Dorsey, who had been CEO of Twitter and
(SQ) since 2015, Agrawal is focused on Twitter.
Write to Connor Smith at [email protected]