How Come Twitter's Top Execs Keep Leaving?

For such a popular service, Twitter comes in for what appears to be more than its fair share of criticism.

Some of this is endemic: tech is always under the spotlight and even minor developments are parsed with the intensity usually reserved for the intentionally obtuse declamations of Delphic oracles, Politburo nomenklatura, and Federal Reserve chairmen.

But some of it just may be strategic: whither Twitter? What is happening with key metrics like the number of new users and the amount of time they spend on the site, both drivers of advertising income? How does it, can it and should it differentiate itself from the host of other media - social and otherwise - that proffer distraction to the billions searching for entertainment?

And perhaps most disconcerting to any tech business: how to keep the young and restless engaged a year after they've cashed in? JL

Alison Griswold reports in Slate:

Since its public debut, Twitter has lost about 10 percent of its value. Twitter distancing itself from Facebook is not the same as Twitter solidifying its own identity.

The departures of Twitter high-ups have ticked off steadily this year. Michael Sippey, vice president of product. Doug Bowman, creative director. Chris Fry, senior VP of engineering. Ali Rowghani, chief operating officer. Chloe Sladden, head of North American media. Vivian Schiller, head of news. Most recently, Jeremy Gordon, VP of engineering. Go back further and the list stretches on.

Turnover is a given at most startups, but the changes at Twitter have continued at a startling pace since it went public exactly one year ago. At least one of these departures—Rowghani's—has been attributed to clashes with Twitter CEO Dick Costolo. Others, at both the management and staff levels, have been chalked up to general confusion and frustration at the company. That's all unfortunate for Costolo, who was appointed as CEO in 2010 in part to stabilize Twitter's management after a fairly public power struggle between two of its founders.

Behind Twitter's departures and frustration might be an identity crisis. The Wall Street Journal reported Thursday that current and former Twitter employees describe Costolo as someone who "bounces from one idea to the next," and that people close to the CEO feel his vision for the company has grown scattered since the IPO. In recent years, Costolo has talked about Twitter as a "global town square," an "indispensable companion to life in the moment," and "the world's largest information network." As his blueprint has changed, so has his business plan; the latest push has been to expand Twitter beyond its core active users.

Since its public debut, Twitter has lost about 10 percent of its value, falling to just over $40 a share. When the customary post-IPO lockup period ended in May, the stock crashed 17.8 percent as some of its largest early investors dumped their shares. At the same time, a slowing rate of growth in Twitter's monthly users and timeline views has caused some analysts and media outlets to write off Twitter as a stagnating company. Others have criticized Twitter for becoming too much like Facebook.

Slate's Will Oremus has already made the opposing case on both of these points: that Twitter is not dying, and that it will never be like Facebook. On the other hand, Twitter distancing itself from Facebook is not the same as Twitter solidifying its own identity. The big questions it's reportedly toying with—should it give up on the reverse chronological feed? Use an algorithm?—could move its product in several different directions. At just one year old in the corporate world, it's not necessarily bad that Twitter doesn't have all these things hammered out. But one year is also a good point to reflect. And if it turns out that identity questions are behind most of the unrest and turnover at the company, they need to be resolved sooner rather than