According to Reuters, Elon Musk has lined up a new CEO for Twitter to replace CEO Parag Agrawal after the $44 billion sales of the social network is completed.
Last month, Musk notified Twitter’s chairman, Bret Taylor, that he has lost faith in the company’s leadership.
Parag Agrawal, who was chosen as Twitter’s CEO in November, is anticipated to stay on until the firm is sold to Mr. Musk.
According to Reuters, the source who alerted the news agency about Musk’s plans declined to identify the identity of the successor.
According to research firm Equilar, if Agrawal was fired within 12 months of a change in control at the social media platform, he would collect $42 million.
Agrawal has remained secure in his future at the company, despite heavy speculation about what’s in store for him following the hostile acquisition by Tesla and SpaceX CEO Elon Musk.
Employees demanded answers on how managers planned to handle a predicted mass departure triggered by Elon Musk during a company-wide meeting on Friday, and the Chief Executive tried to calm them down.
Musk convened the meeting after frequently criticizing Twitter’s content moderation processes and a top executive in charge of establishing speech and safety regulations.
Executives said the business will monitor staff attrition daily, but it was too early to say how the buyout deal with Musk would influence staff retention, according to an internal town hall meeting heard by Reuters.
According to people familiar with the situation, Musk has pitched financiers on lowering board and executive compensation, although the exact cost cutbacks are unknown. According to Reuters, Musk will not make any job layoffs until he takes control of Twitter.
“I’m tired of hearing about shareholder value and fiduciary obligation; what are your honest opinions regarding the very high possibility that many people will lose their jobs when the acquisition closes?” one Twitter employee asked Agrawal during the meeting, in a question read aloud.
Twitter has always cared about its employees, according to Paras Agrawal, and will continue to do so in the future.
“I believe that the future Twitter organization will continue to be concerned with its impact on the world and its customers,” he stated.
During the discussion, Agrawal encouraged employees to expect a change in the future under new leadership, and he admitted that the company could have performed better in the past.
“Yes, we could have done things better, and I could have done things differently; I think about it a lot,” he remarked.