Chris Sacca: Twitter Needs to Make Dorsey CEO, Get New Board

Opinionated Twitter investor Chris Sacca is at it again: Sacca took to Twitter Friday, proclaiming that the company should finally end its CEO search. “Enough is enough. The board needs to act. They are running a ‘process’ yet there is only one person fit to run this company,” he tweeted, adding that this one person was Twitter co-founder Jack Dorsey.

This isn’t the first time Sacca has thrown his support behind Dorsey. In early August, Sacca officially endorsed Dorsey for CEO, saying at the time that he had the product vision necessary to turn things around for Twitter.

Twitter officially began the search for a new permanent CEO when former CEO Dick Costolo stepped down from his post in June. Dorsey has been leading the company as interim CEO since July, and a search committee has been looking both at internal and external candidates. Last week, news surfaced that one of those approached for the job included CBS Interactive CEO Jim Lanzone.

However, both investors like Sacca and sources close to the company have long insisted that Dorsey is an almost inevitable choice — save for one little problem: Dorsey is also the CEO of payment processing company Square, which is gearing up to go public in the coming months.

Twitter’s board early on insisted that the company needs a full-time CEO. On Friday, Sacca said that this was a mistake. “The market knows that (Dorsey) has such strong teams at both Square and Twitter that he can run both companies. This is settled,” he tweeted.

Sacca went on to argue that Twitter doesn’t have a leadership problem, but a board problem: “The Twitter board needs to be refreshed with people who have actual skin the in the game,” he tweeted, adding: “The stock market has already assumed (Dorsey) will be CEO. What’s killed the stock is board inaction.”

Twitter’s stock has had a rough ride in recent months, at times dropping below its IPO price. Investors haven’t just been confused by the prolonged CEO search, but also have felt anxious about the future of the company as the growth of monthly active users has come to a halt.

Twitter is expected to unveil new features and a new marketing campaign in the coming weeks to win over new and long-lost users.

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