Elon Musk plans to appoint a new Twitter CEO to succeed Parag Agrawal: Sources

Edited By: Nikhil Pandey
NEW DELHI Updated: May 03, 2022, 01:25 PM(IST)

Tesla chief Elon Musk (left) and Twitter, CEO Parag Agrawal Photograph:( Twitter )

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Parag Agrawal is estimated to receive $42 million if he were terminated within 12 months of a change in control at the social media company, according to a report.

Elon Musk has lined up a new chief executive officer for Twitter, a week after making a $44 billion bid to buy the social media giant, news agencies citing unnamed sources reported.

This raises concerns about the company's current CEO, Parag Agrawal.

On numerous occasions, Musk has expressed his dissatisfaction with Twitter's management, including in a securities filing on April 14th.

The billionaire has a long way to go before he can make any changes to the company, including its top executives. As of now, the Twitter board has approved the purchase, but regulatory scrutiny is yet to be done, and he has yet to present the cash to the company. There's also a likelihood of the whole acquisition being scuttled, or delayed at least, by possible congressional hearings on the purchase.
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Agrawal, who was designated Twitter's CEO in November, is anticipated to continue in his position until the firm is sold. Other top executives may be laid off after the acquisition is completed, according to rumours.

Watch | Will Twitter be better under Elon Musk?

On the other hand, Agrawal looks optimistic about his prospects in the organisation. On April 28, in response to a Twitter user's question about whether Agrawal had been dismissed, the CEO replied, "nope! We're still here."

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Agrawal, who took over the social media platform just a few months ago following Jack Dorsey's resignation from Twitter, was unanimously chosen by the board of directors to succeed Dorsey as CEO after the latter left after 16 years with the company he created.

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At a company-wide meeting on Friday, employees demanded answers on how managers planned to handle an anticipated mass departure led by Elon Musk during a company-wide meeting on Friday, and the CEO sought to calm them down.

After frequently criticising Twitter's content filtering processes and a top executive in charge of setting speech and safety policies, Musk convened the meeting.

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