The board of directors of Twitter, Inc. is considering a shakeup that may include the exit of Dick Costolo, a former chief executive officer of Twitter, people familiar with the matter told Bloomberg.
The shakeup, which will be announced once a new CEO is named, is aimed to have a board of directors that is more diverse.
A report from Reuters states that Costolo resigned as CEO last July 1. He was replaced by the co-founder of Twitter, Jack Dorsey, who acted as the interim CEO.
Costolo, who served as the company's CEO since 201, is currently part of the board of directors of Twitter.
He has been part of the board since 2009, as stated in his profile on Twitter's website.
Bloomberg reports that the source, which requested not to be identified as the deliberations aren't public yet, said that the board could either expand or be shuffled to include directors from different backgrounds, such as minorities and those with experience in adjacent industries.
The company is looking to add people in the advertising and e-commerce industry.
The shakeup will also address Twitter's problem of having three former CEO on the board of directors, according to Bloomberg.
Costolo, Dorsey and Evan Williams, all former CEO of Twitter, are all currently part of the company's board of directors.
Bloomberg adds that having three former CEO on the board of directors could make it difficult for the new CEO, that the company is looking to hire, to run the company.
Spencer Stuart, an executive recruiting firm, was hired to conduct the search for Twitter's new CEO, according to Bloomberg.
The hunt for the new CEO could take several months.
Reuters adds that SunTrust Robinson Humphrey, a full-service corporate and investment bank, has identified several candidates to be Twitter's CEO.
Ross Levinsohn, former CEO of Yahoo! Inc., Mike McCue, CEO of newsreader app company Flipboard, Kevin Systrom, founder of Instagram, and Evan Williams, CEO of blogging website Medium, are the possible candidates for the position.
Bloomberg also adds that Dorsey hasn't ruled out the possibility of staying as the full-time CEO of Twitter.
