11th May, 2023
Billionaire businessman Elon Musk has announced plans to step down as the Chief Executive Officer, CEO of Twitter in six weeks.
Musk, who announced the plan in a tweet on Thursday said he has already identified the person that will take over from him as the CEO of Twitter from him.
However, he did not named the successor, saying only that the new CEO is a woman.
“Excited to announce that I’ve a new CEO for X/Twitter. She will be starting in ~6 weeks!,” Musk tweeted Thursday.
However, Musk will not totally abandon Twitter as he said he will transit to become executive chairman and chief technology officer after the take over by the new CEO.
He added that in his new position, he would be overseeing products and software development.
Analysts said this indicates that Musk will continue to call the shots in the company after handing over to the new CEO.
The billionaire businessman had said in December that he is looking for a new leader for Twitter to enable him give more attention to Tesla
“I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk wrote on Twitter.
Musk initiated an acquisition of Twitter on April 14, 2022, and concluded it on October 27, 2022.
He said it has always be his plan to find someone to run the company.
“There’s an initial burst of activity needed post acquisition to reorganize the company,” Musk said.
“I’d find someone else to run Twitter over time.”