Elon Musk announced on Thursday that he has selected a new chief executive officer for Twitter, a long-anticipated move that signals a major shift in leadership for the social media giant. While Musk did not reveal the name of his successor in his social media post, he confirmed that a woman has been hired for the role and is expected to take the helm in approximately six weeks.
Musk, who assumed the role of CEO following his $44 billion acquisition of the platform last October, stated that he will transition to the position of executive chair and chief technology officer. In this capacity, he intends to oversee product, software, and systems operations.
Following the announcement, the Wall Street Journal reported that Linda Yaccarino, the top advertising sales executive at NBCUniversal, is in talks for the position. Reuters later corroborated the report, citing sources familiar with the situation. Yaccarino and Musk share a professional history, most notably from an advertising conference in Miami last month, where the media executive interviewed the billionaire and publicly praised his work ethic.
Yaccarino’s potential departure would represent a significant transition for NBCUniversal, which is already navigating the recent exit of its CEO, Jeff Shell. For Musk, the appointment fulfills a promise made in December, when he launched a public poll asking users if he should step down as head of the company. After 57.5% of users voted in favor of his resignation, Musk pledged to find a successor “foolish enough” to take the job.
The move was met with optimism on Wall Street. Tesla shares, which have faced downward pressure from investors concerned that Musk’s focus on Twitter distracted from his electric car company, closed 2% higher on Thursday, rising another 1.6% in after-hours trading. Analysts welcomed the news, with Craig Irwin of Roth MKM describing the development as “the boat anchor called Twitter” being loosened from Musk’s ankle, allowing him to refocus his efforts on Tesla.
Since taking control of Twitter, Musk has overseen a period of volatile restructuring, including the firing of senior leadership and the layoff of roughly half of the company’s staff. A self-proclaimed “free-speech absolutist,” Musk has focused his tenure on battling spam bots and restructuring the platform’s financial model, claiming last month that the company was “roughly breaking even.”
Speculation regarding the new CEO had been rampant, with names such as former Yahoo CEO Marissa Mayer and former YouTube CEO Susan Wojcicki circulating among industry insiders. However, all signs now point toward Yaccarino, who has been credited with modernizing NBCUniversal’s advertising operations and navigating the shift from broadcast television to digital streaming. Yaccarino has not yet issued a formal comment on the reports.
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