The appointment of a top advertising leader could be a move to turn around Twitter’s recent ad revenue problems.
Shortly after announcing that he had found a new CEO, Elon Musk has confirmed that former NBCUniversal advertising chief Linda Yaccarino will take the helm.
Yaccarino was called out early as the likely candidate according to sources speaking to the Wall Street Journal and The New York Times.
But Musk only confirmed the hire earlier this evening (12 May), unsurprisingly, via Twitter.
“I am excited to welcome Linda Yaccarino as the new CEO of Twitter,” he said in a tweet, adding that she will “focus primarily on business operations”, while he concentrates on product design and new technology.
“Looking forward to working with Linda to transform this platform into X, the everything app.”
The rumours about Yaccarino taking over Twitter came as it was announced today that she would be leaving her previous role at media and entertainment company NBCUniversal effective immediately.
In a statement, Yaccarino said it was an honour to be part of Comcast NBCUniversal.
“We’ve transformed our company and the entire industry and I am so proud of what we’ve accomplished together, and grateful to my colleagues and mentors, especially Brian Roberts, Mike Cavanagh and the entire NBCU leadership team.”
A strategic decision
In December 2022, Musk publicly said that he would step down as CEO after asking Twitter users to vote if he should step down as the company’s head. In a follow-up tweet to the vote, Musk said he would step down when he finds “someone foolish enough to take the job”.
Appointing a leading advertising executive to the role of CEO of Twitter could be seen as a smart move, given the changes that have taken place since Musk took over the company.
In November last year, shortly after the infamous $44bn takeover, Twitter was labelled as “high risk” for those looking to buy ads on the platform.
Earlier this year, The Platformer reported that the company’s daily revenue was down 40pc year-over-year, while The Information said more than 500 of Twitter’s top advertisers had halted spending since Elon Musk bought it in October.
In March of this year, Musk said the company’s ad revenue had dropped by roughly 50pc and had been on the path to bankruptcy, according to a report in The New York Times.
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