Elon Musk says he is resigning so that the new person Linda Yaccarino can take over Twitter as the new CEO. On Twitter, Musk stated that she would begin in approximately six weeks from now.
As a result, Yaccarino has resigned from her current working place NBCUniversal effective immediately on Friday May 12.
Yaccarino’s exit from NBCUniversal comes weeks after Jeff Shell was ousted as the company’s CEO after admitting to an inappropriate relationship with an employee.
Rather than replacing Shell, NBCUniversal’s top executives will report to Mike Cavanagh, president of parent company Comcast
The former NBCUniversal advertising chief will be Twitter’s next CEO.
Elon Musk confirmed the hire in a tweet Friday.
“I am excited to welcome Linda Yaccarino as the new CEO of Twitter!” Musk tweeted. He said she “will focus primarily on business operations, while I focus on product design & new technology.”
“Looking forward to working with Linda to transform this platform into X, the everything app.”
Yaccarino joined NBCUniversal in 2011 and had risen to the top of the company’s global advertising business. On Monday, the advertising chief was slated to take part in NBCUniversal’s Upfront event at Radio City in New York – the sales presentation the company, along with its media peers, makes to the advertising industry every year in May.
The ad executive brings a wealth of relationships with top chief marketing officers and other advertising executives to Twitter at a time when the platform has seen advertisers flee – therefore losing billions of dollars – after Musk’s takeover last year.
Yaccarino and Musk sat together in a keynote interview at a marketing conference in Florida in mid-April. During the conversation, the two discussed the role marketers play in the future of Twitter, as well as its position in the cultural conversation.
During the conference, Musk reportedly tried to reassure advertisers that Twitter was a respectable place for their brands.
Meanwhile, several investors in Tesla were concerned that Musk was too preoccupied with running Twitter to focus on steering the electric vehicle company, where he also serves as CEO.
In October, Musk bought Twitter for $44 billion and immediately made his mark by firing executives and hundreds of employees, allowing banned users to return to the platform, and provoking political controversy.
On Thursday May 11, Elon Musk said that Twitter will hire a new CEO who will move into a product and technical role.
He went on to say that he would “transition to being executive chair and CTO, overseeing product, software, and systems operations.”
A number of progressive Tesla shareholders made a public plea to Tesla’s board in April 2023 to ensure that Musk would devote more time to the automaker.
In October, Musk, who is also CEO of SpaceX, completed the $44 billion acquisition of Twitter and immediately established himself there. He laid off hundreds of workers and fired the company’s top executives.
Twitter’s core advertising business has faced some difficulties under his leadership. As the social messaging service saw an increase in offensive speech and hateful rhetoric, several businesses stopped running paid promotional campaigns, according to advocacy groups.
With his new subscription service, Twitter Blue, Musk has attempted to make up for the shortfall by providing features like the capability to compose tweets that are longer.
The non-paying users whose identities had been verified lost their so-called “legacy” blue checkmarks to the company in April, making it possible for people to impersonate them. A separate set of silver and gold icons will still be used for verification on government accounts and some corporate accounts.
Additionally, he has allowed users who were previously banned to rejoin the platform and stoked political debate by asserting, among other things, that the media is racist toward Asian and white people.
During Musk’s tenure as CEO, Twitter also experienced a number of technical issues and outages, some of which occurred simultaneously with large layoffs that he argued were necessary for the company’s financial health.