Twitter's stock fell as much as 6%, to $16.51 per share, in trading Monday, following the news of the departures of a number of high-profile executives in charge of the company's product, engineering, and media divisions.
On Sunday, The New York Times and technology website Re/code reported that Alex Roetter, Twitter’s senior vice president of engineering; Kevin Weil, the company’s senior vice president of product; and Katie Jacobs Stanton, its vice president of global media, were leaving the company. Twitter's co-founder and newly appointed CEO Jack Dorsey confirmed the departures in a tweet. He added that a fourth executive, human resources head Skip Schipper, is also leaving the company.
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This week's departures add to a number of other executives that are fleeing the beleagured company. Twitter's chief communications officer Gabriel Stricker also left the company, as did Twitter ad chief Glenn Brown. Dorsey also cleaned house in October 2015, laying off around 300 employees.
Twitter's share value has taken a massive hit over the past few months amid leadership changes, and investor doubts about its user growth. In the past three months, Twitter (twtr) has lost more than 50% of its value, going from $31 per share to around $17 per share, valuing the company just under $12 billion.
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The plummeting stock has spawned takeover and acquisition rumors including that media conglomerate News Corp. was potentially looking at the company.
There should be more leadership shuffles soon. Twitter is reportedly announcing the addition to two new board members—one a “high-profile media personality,” according to reports. Twitter also is expected to appoint a new chief marketing officer imminently.