Twitter Executive Shuffle

October 17th, 2008 at 12:00 am

jack dorsey and evan williams

It may seem like the financial crisis is rocking the boats of many silicon Valley companies.  Workforces are being laid off and executives are being shuffled (or laid off).  However, not all companies are doing the same thing in these bleak times.

The highly popular microblogging service Twitter is not laying off any of its employees. However, in a strategic move to counter the effects of the fire on Wall Street, they are shuffling positions at the top level.  Jack Dorsey and Evan Williams will be switching places.  Dorsey will step down as CEO and be chairman of the board, and Williams will take over day-to-day operations as CEO.

The announcement was made on the Twitter blog.

While the board of directors and the company have nothing but praise for where Jack has taken us, we also agree that the best way forward is for Jack to step into the role Chairman, and for me to become CEO. Jack will remain on the board and be closely consulted for all strategic decisions, while I take on day-to-day operations with the support of Biz, Jason, Greg, and the rest of this impressive Twitter team.

According to Twitter co-founder  Biz Stone, "Twitter prepared for the current economic climate when we raised our last round of financing. We’re fortunate that we can stay on the course we have laid out for the company. That being said, we will certainly be sensitive and cautious where appropriate."

So sure, the financial crisis has had an effect on them but they are taking it in stride.   Twitter still has no business model and is fuelled by venture money.  Any plans for monetization have not yet been disclosed. "We’ve watched with interest as commercial usage of Twitter has taken off and really started growing. We think there are some very interesting opportunities so we’re modeling some scenarios there as well as other opportunities," says Stone.

Image Credit: Twitter