Home » US business news » Elon Musk says he found a new CEO for Twitter

Elon Musk says he found a new CEO for Twitter

By Nithya Bose in US business news, posted May 12, 2023

Elon Musk is reportedly in talks with NBCUniversal’s head of advertising Linda Yaccarino to replace him as the new Twitter CEO.

Two sources said Yaccarino has been in discussions with Musk for several weeks, and it has reached advanced stages.

Musk tweeted that he had selected a new CEO for Twitter without naming them.

He said: “She will be starting in ~6 weeks!”.

In the meantime, Musk will remain the executive chair and CTO of Twitter and will oversee the company’s product and software.

Musk purchased the social media giant for $44 billion last year, and as its owner, he has already made significant changes.

It includes eliminating over 75 percent of the company’s 7,500 employees and changing its features and strategy.

Any new CEO will face significant challenges, including a sagging advertising business and debt payments of around $1.5 billion per year from the sale to Musk.

Musk’s decision to throw out guardrails on what kind of posts are allowed on the social media platform has spooked advertisers, and some have paused their spending on Twitter due to moderation concerns.

Yaccarino is an executive with deep ties to the advertising industry and extensive experience in the media sector, and her appointment could help to rebuild the firm's advertising business.

Yaccarino has spent much of her career at NBCUniversal, overseeing a team that has brokered major marketing partnerships and generated more than $100 billion in advertising sales.

She has also been heavily involved in the network’s dealings with significant events such as the Super Bowl and the Olympic Games.

She is also a regular attendee at advertising events such as the Cannes Lions Festival in the South of France.

Musk’s decision to hire a new CEO for Twitter comes after he was criticized for some of his decisions at the company.

In December, he ran a poll on the microblogging platform asking if he should step down as CEO.

Need Career Advice? Get employment skills advice at all levels of your career

Over 17 million votes were cast in the poll, with 58 percent of respondents saying they favored him stepping down.

Musk has said he aims to name a new CEO for the by the end of 2023.

Two employees said Twitter’s workers were not notified of a new CEO before Musk’s tweet.

Musk has also been under pressure from investors at his other companies to move away from the day-to-day management of Twitter, which they have regarded as a distraction.

Follow us on YouTube, Twitter, LinkedIn, and Facebook.