Early this week, Twitter’s Dick Costolo announced that he will step down as the company’s CEO effective July 1. The news of his resignation resulted to many speculations as to who will lead the company and what direction it would take now to take steam off from constant pressure due to sluggish user growth and unsuccessful attempts at making the company more appealing.
Costolo has been under pressure from the high expectations of Wall Street, the company’s Board and investors since 2013 after Twitter went public. The last straw was the open constructive criticism issued by , one of Twitter’s early investors who wrote a lengthy blog post titled that narrated his suggestions on how the company can overcome its current predicament.
Costolo , “I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the Company. We have great leaders who work well together and a clear strategy that informs our objectives and priorities.”
Costolo who says he loves the company, will stay as a Board Member. Now acting as interim CEO is Jack Dorsey, Twitter’s Chairman, co-founder and first CEO.
“There is no one better than Jack Dorsey to lead Twitter during this transition. He has a profound understanding of the product and Twitter’s mission in the world as well as a great relationship with Twitter’s leadership team. I am deeply appreciative of the confidence the Board, the management team and the employees have placed in me over the years, and I look forward to supporting Twitter however I can going forward,” Costolo .
In the immediate hours after the company announced the change in leadership, Twitter’s share rose to more than 7 percent. But the following day, after Costolo and Dorsey appeared on the news to discuss the future of the company, the gains have slide and went down at nearly 6 percent before the CEO change.
Twitter said that their search for a new CEO is a real deal. Analysts also pointed out that Twitter should bring in an outsider to introduce some fresh perspective to the company.
Reinventing the social networking service
All successful tech companies go through major reinvention every few years. Like what Mark Zuckerberg is doing to Facebook — and all the changes to its timeline and news feed and its never–ending tweaking of its privacy settings.
Sacca wrote that “hundreds of millions of new users will join and stay active on Twitter, hundreds of millions of inactive users will return to Twitter, and hundreds of millions more will use Twitter from the outside if Twitter can do the following:
- Make Tweets effortless to enjoy,
- Make it easier for all to participate, and
- Make each of us on Twitter feel heard and valuable.
He , “accomplishing this isn’t hard and there are obvious, concrete steps to fix it all. Done right, countless users new and old will find Twitter indispensable, use Twitter more, see great ads, buy lots of stuff, and make the company much more money along the way.”
Project Lightning is under development and will roll out in few months. From what was already announced, the new feature will allow users to follow live events through curated streams of tweets, photos and videos.
Events will be entered around photo and video, and they won’t appear in the traditional timeline format. “It could be current events. It could be breaking news. It could be awards shows or sports. But also cultural events and moments,” Well . “Basically, if people are tweeting about it, it becomes an event.
So far, these are what we know about Project Lightning:
- A new Twitter mobile app will be launched. Press the new button to view events taking place that people are tweeting about
- It will rely mainly on visual-heavy curated content
- It will use the concept of “events”
- Both logged-in and logged-out users can use the feature
- It will instantly load videos and images that can be embedded across the Web and other apps
- A team of editors will select the best and most relevant tweets and package them into a collection
- The images will not appear as a feed on the timeline but will occupy the entire screen. Click, swipe and scroll will move from one image or video to another.
- The collections will also include and promote videos posted on Vines and Periscope
If Twitter will eventually tell its own story and if Project Lightning can save the embattled social networking service, we have yet to see.