Twitter's Newly-Crowned CEO Parag Agrawal Is Revamping The Team: What You Need To Know

Last week saw the leadership baton being passed from Twitter, Inc.'s TWTR founder Jack Dorsey to Parag Agrawal, followed by the company announcing an overhaul of the management team.

What Happened: Twitter announced the departures of two executives and also the restructuring of several leadership positions, an 8-K filing by the company with the SEC on Friday showed.

Michael Montano, who is serving as Engineering Lead, will step down from the position, effective Dec.31. The company said Montano will remain an advisor of the company through the end of the first quarter of 2022 to ensure an orderly transition.

Dantley Davis, Design and Research Lead, will also depart, effective Dec. 31, the company added.

Twitter's Indian-born CEO Agrawal is also restructuring the leadership team to drive "increased accountability, speed, and operational efficiency." The company is shifting to a General Manager model.

Consumer, Revenue and Core Tech will be led by Kayvon Beykpour, Bruce Falck, and Nick Caldwell, respectively. These GMs will lead all core teams across engineering, product management, design, and research.

The company also announced the appointment of Lindsey Iannucci, a senior operations and strategy executive, as Chief of Staff and Vice President of Operations to support Agrawal in strengthening operations across the leadership team, and the company.

Related Link: Piper Sandler Slashes Twitter Price Target By 23%

Why It's Important: The announcement comes as a proactive move by the company under Agrawal, as the short-messaging app faces criticisms over slowing growth amid a reluctance to innovate and internal conflicts.

Former CEO Dorsey is also helming fintech company Square, Inc. SQ and was considered as a hands-off leader. He was under pressure from activist investor Elliott Management to give up one of the positions.

These actions are expected to help Twitter hit its goal of doubling its revenues and adding 123 million incremental active users by 2023, which it announced in February.

Related Link: PreMarket Prep Stock Of The Day: Twitter