Wednesday, July 6, 2022

Here’s a memo from Twitter CEO Parag Agrawal on firing executives and freezing hiring

On Thursday, Twitter CEO Parag Agrawal announced some major restructuring within the company in an email to employees, including the firings of Kayvon Beykpour, head of consumer products, and Bruce Falck, head of revenue products. The company is suspending most hiring and scaling back spending in most areas, but has no current plans to cut jobs.

It’s a strange and disturbing time inside Twitter as the company prepares to close its $44 billion acquisition of Elon Musk later this fall. It’s not entirely clear why Agrawal is making these changes now, or how they relate to Musk’s acquisition, though. Twitter’s new product lead is Jay Sullivan, a former director who joined Facebook last November. The company is now looking for a new revenue product to replace Falck.

edge Got an email sent by Agrawal to staff about the change. Here is all of it.


team,

Yesterday, today, and tomorrow, it’s important to build Twitter and serve our customers around the world. Our purpose is there. During this time of change, it is critical that we continue to strengthen our work by increasing accountability and execution to enable Twitter to be the best it can be. The priorities and decisions we’re making now will not only support the way we’re spending this time, but also contribute to the long-term success of Twitter, which I care so much about. Some changes are happening to us, some we will drive. Some of these changes are difficult, but they fit Twitter and its future.

lead

Having the right leader at the right time is critical. Jay SullivanThe current interim general manager of Bluebird is a strong testament to this. His product vision, ability to inspire, move fast, and drive change is what Twitter needs now and in the future. Therefore, I decided to make Jay the permanent general manager of Bluebird. With this change, Kevan Backpool will leave twitter. With his founder’s mindset and deep passion for service, Kayvon has been a terrific leader and force at Twitter over the years. Under his leadership, our product has grown and grown meaningfully – and I know I speak for all of us when I say we are deeply grateful for his enormous impact.

I’ve also gotten closer to working on revenue products over the past few months and believe that here, too, we need a change in leadership. Bruce Falk Leaving Twitter, we’ll start looking for Goldbird’s new GM. Bruce joined Twitter at a pivotal time and has been a strong collaborator, leader and supporter of revenue product work and our goals. Under his leadership, we rebuilt our ad servers and laid the groundwork for our ad business to grow with a greater focus on performance.During this period, the Goldbird organization Jay Sullivan. Through this transition, his leadership will be very meaningful.

Please join me in thinking about what Kayvon and Bruce have done for Twitter.

current environment

At the onset of the 2020 pandemic, we decided to invest heavily to achieve significant revenue growth, and as a company, we fell short of the intermediate milestones that would give people confidence in these goals. Recently, the global macroeconomic environment has become less favorable, and the war in Ukraine has affected our performance and will likely continue to do so. Many other companies have experienced similar effects. And, of course, we’re in the middle of the acquisition process, and we don’t yet know when it will end. To manage the organization responsibly as we refine our roadmap and work, we need to continue to focus on our teams, recruiting and costs.

Recruitment

Starting this week, we are suspending most hiring and backfilling, except for business critical roles identified by employees working with their HRBPs. We will also review all extended offers to determine criticality and which should be withdrawn. We have no company-wide layoffs planned, but leaders will continue to make changes to their organizations to increase efficiency as needed. As always, performance management will continue to be a priority at all levels at this time to ensure we have the strongest possible team.

Budget

We also need to reduce non-labor costs to ensure we are responsible and efficient. We are reducing contractor and consulting spending, travel and events, marketing, our real estate footprint, internal and public cloud-related infrastructure spending, and other operating costs. Please continue to treat Twitter’s resources like your own, and manage your budget tightly, prioritizing what’s most important.

As promised, I will continue to communicate frequently and directly with you as we move forward. Next week, we will be holding a virtual offsite meeting with our Global Leadership Team (GLT) to drive further cohesion and focus and strengthen our collective plan to best support you all. We will report back to you on the outcome of that meeting.

While we’re in the midst of massive change right now, Twitter has historically been so often. Staying real is our purpose, the importance of Twitter and the crux of our work, and how we all come together. Thank you for your leadership, your focus and your support of each other.

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technology.

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