Twitter names Hubbard as interim media head: Source

Twitter chief executive Jack Dorsey has confirmed the exit of a large swath of the company's leadership team, including product head Kevin Weil and media boss Katie Stanton.

In a tweet late on Sunday ET, Dorsey said he had hoped to talk to Twitter employees later in the week about the departures, but that given the "inaccurate press rumors" about the departures, he wanted to set the record straight.

"I'm sad to announce that Alex Roetter, Skip Schipper, Katie Stanton and Kevin Weil have chosen to leave the company," Dorsey said in an elongated "Tweenjoy" tweet, adding that "all four will be taking some well-deserved time off.

I'm personally grateful to each of them for everything they've contributed to Twitter and our purpose in the world. They are phenomenal people!"

Click here to see Dorsey's tweet

Following the departure of Katie Stanton as head of media, Twitter's head of commerce, Nathan Hubbard, was named head of media on an interim basis, according to a source close to the situation told CNBC. This was announced in an email to employees from Dorsey. The email also mentions that Twitter management is having a retreat in San Francisco starting tomorrow to discuss the future of the company.

A CMO is expected to be announced sometime this this week, according to the source.

A company spokesperson told Reuters on Monday that Twitter will not replace product head Kevin Weil.

Roetter ran the company's engineering business and Schipper was vice president of human resources.

Has Jack Dorsey taken on too much?
Has Jack Dorsey taken on too much?   

The upheaval on Twitter's executive team — it is the biggest since Dorsey returned as interim CEO in July, was first revealed by Re/code, and quickly followed by other media.

Soon afterward, Jason Toff, who ran the Vine video streaming service, and who was among those departing, tweeted a "personal update" that he was "joining Google to work on VR." Toff added: "The decision to leave Vine was hard."

In his tweet, Dorsey said that the company's chief operating officer Adam Bain would take on responsibility for all revenue-related product teams as well as the media and human resources teams on an interim basis, while chief technology officer Adam Messinger would take on oversight of engineering and consumer product, design and research, user services and Fabric, Twitter's mobile development platform.

Dorsey said that he would partner with Messinger "day and night to make sure we're building the right experiences."

In its report, Re/code wrote that it had been a "very hard time" for all top executives at Twitter, as the company struggles to regain its growth momentum.

There has been speculation Twitter could be bought, and turnover on the board is expected next quarter, the report said.

Twitter, which has just over 300 million users, had its slowest user growth in 2015 and was eclipsed by photo-sharing app Instagram, owned by Facebook, which surpassed 400 million users last year.

Since his return, Dorsey has launched Moments, a product developed by Weil, which showcases Twitter's best tweets and content, laid off 300 workers and hired former Google executive Omid Kordestani as executive chairman.

"The timing of the exec changes is interesting, too, since Twitter is set to hold an executive retreat this week in San Francisco with the company's top brass," Re/code added.

Twitter's stock has lost almost 23 percent in the year to date and is down more than 54 percent on this time a year ago. The shares closed at $17.84 each on Friday.

— CNBC's Julia Boorstin contributed to this report.

Correction: An earlier version misspelled Dorsey in one reference.

Disclosure: CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.

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