Elon Musk has New Twitter CEO to Replace Parag Agrawal
Elon Musk has lined up a new CEO for Twitter who will take over for CEO Parag Agrawal when the $44 billion sales of the social network are done, Reuters says, citing an unnamed source.
Musk told Twitter’s chairman, Bret Taylor, last month that he doesn’t have faith in the management of the San Francisco-based company, which he owns.
When Parag Agrawal was named Twitter’s CEO in November, he is expected to stay on until the sale of the company to Mr. Musk is done.
The source who told Reuters about Musk’s plans didn’t say who the replacement would be, the news agency said.
The research firm Equilar says Agrawal could get $42 million if he was fired from the social media company within 12 months of a change in control, which would be a lot of money.
A lot of people are wondering what will happen to him after the CEO of Tesla and SpaceX, Elon Musk, took over the company. Agrawal, on the other hand, has been very positive about his future at the company.
I took this job to change Twitter for the better, course correct where we need to, and strengthen the service. Proud of our people who continue to do the work with focus and urgency despite the noise.
— Parag Agrawal (@paraga) April 27, 2022
Thank you but don’t feel for me. What matters most is the service and the people improving it.
— Parag Agrawal (@paraga) April 27, 2022
The CEO, on the other hand, tried to calm down employees at a company-wide meeting on Friday. They wanted to know how managers were going to deal with a mass exodus caused by Elon Musk.
After Musk kept complaining about Twitter’s content moderation practices, he met with a top executive who is in charge of setting speech and safety rules.
An internal meeting was heard by Reuters. Executives said the company would keep track of staff attrition every day, but it was too soon to know how the buyout deal with Musk would affect staff retention.
Musk has told lenders that he wants to cut the salaries of the board and executives, but the exact cost cuts aren’t clear, sources say. As soon as Musk owns Twitter, he won’t be able to cut jobs, a source told Reuters.
“When I hear about shareholder value and fiduciary duty, I don’t want to hear any more. It’s very likely that many people will lose their jobs after the deal is done. What are your honest feelings about this?” How did Agrawal respond? One Twitter employee read out a question that was asked of him during the meeting.
Agrawal said that Twitter has always cared about its employees and that it will always do that.
As far as I can tell, “I think the future Twitter organization will still care about how it affects the world and its users.”
During the meeting, Agrawal told the staff that the company could have done better over the years. He told them to expect changes under new leadership.
“The answer is, of course. We could have done things a different way and better. I could have done things in a different way. I often think about that “He said.
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