On Friday, Elon Musk announced that he had hired a new CEO for Twitter, naming Linda Yaccarino. The new Twitter CEO was formerly the head of advertising at NBCUniversal.
The new CEO is expected to take the helm at Twitter in about six weeks’ time, Musk announced with a tweet on the social media platform.
Musk will continue to serve as the company’s executive chairman and chief technology officer. Musk, who is also the CEO of Spacex, previously said last December that he would allow the results of an online poll he posted on the platform to decide whether he would continue as CEO of Twitter.
Elon Musk names new Twitter CEO
“I am excited to welcome Linda Yaccarino as the new CEO of Twitter!” announced Musk on the social media platform. “[Linda Yaccarino] 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,” added Musk.
I am excited to welcome Linda Yaccarino as the new CEO of Twitter!@LindaYacc 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. https://t.co/TiSJtTWuky
— Elon Musk (@elonmusk) May 12, 2023
The day before, Musk took to Twitter to reveal that he had hired a new CEO for the company but did not reveal a name. He did however say that the new CEO would take up her position within about six weeks.
Who is Linda Yaccarino?
Yaccarino was responsible for managing approximately 2,000 employees and played a significant role in launching NBCUniversal’s streaming service. She joined the company in 2011 following a 15-year stint at Turner Entertainment, where she was credited with bringing the network’s advertising sales department into the digital era.
NBCUniversal seemed to be caught off guard by her departure. On Thursday, as news circulated that she might be moving to Twitter, the company informed the media that she was occupied with preparing for an upcoming conference.
However, Yaccarino appears to have parted on good terms with NBCUniversal, who issued a statement saying “Linda has made countless contributions to the company during her 12-year tenure, and we wish her the best.”
Musk’s decision to hire a new CEO with a strong background in advertising is not surprising given the fact that Twitter has historically derived about 85% of its revenue from adverts on the platform.
Elon Musk and Twitter
Twitter has experienced tumultuous times since Elon Musk acquired the company in April last year for $44 billion.
Since taking over, Musk has tried to instigate change on the platform and has spoken at length about promoting free speech on Twitter, which has become an important forum for political discourse in recent years.
As a part of this push, Musk delivered an amnesty for certain banned accounts. One of the accounts that was unbanned in November last year belonged to former US President Donald Trump.
However, these initiatives have attracted criticism and some companies have been more reluctant to advertise on Twitter, citing worries about the appearance of controversial content on the platform.
In April, Insider Intelligence, a research company, revised its projection for Twitter’s worldwide advertising revenue this year to $2.98 billion, a decrease of 37%. This figure would indicate a 28% reduction from the social media company’s 2022 ad revenue of $4.14 billion.
No doubt one of Linda Yaccarino’s first priorities as Twitter’s new CEO will be to boost the company’s ad revenue as much as possible.
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