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Twitter founder: I have faith in the current board

Twitter co-founder Biz Stone has said he has "complete faith" in the current executive board of micro-blogging site and "nothing was missing" even as the the chief operating officer resigned over disagreements with the chief executive.

Stone said as he left the business almost three years ago he was not "completely in tune" with the inner workings of the firm, but added that "maybe we are not measuring the right things."

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"I have complete faith in the current exec bench, we built that bench. The reason I felt comfortable leaving was because we put those folks, that talent in place," said Stone who helped launch the micro-blogging site Twitter in 2006.

Chief operating officer (COO) Ali Rowghani announced his resignation last week over a "fundamental disagreement" with CEO Dick Costolo, which sent Twitter shares over 4 percent higher.

Twitter co-founder Biz Stone applauds as Twitter rings the opening bell at the New York Stock Exchange
Andrew Burton I Getty Images
Twitter co-founder Biz Stone applauds as Twitter rings the opening bell at the New York Stock Exchange

Twitter does not intend to replace Rowghani but instead his responsibilities will be divided between other members of the management team. He will continue to work for the firm as a strategic adviser to the chief executive.

Adam Bain will take responsibility for revenue and partnerships and Gabriel Stricker will be in charge of marketing, communications and media, according to their respective Twitter profiles.

Twitter's first-quarter results in April revealed slowing momentum at the company that investors just six months ago had believed could one day match Facebook's scale of operations and revenue.

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Stone defended the site's model, as users of Twitter don't need to register in order to be "happy".

"You can see tweets everywhere – you see hashtags on TV, you see tweets on TV, you see tweets everywhere you look. Maybe we should be measuring Twitter more as a broadcast mechanism," he said.

Commenting on his his new venture Jelly, Stone said he aims to re-invent the search engine, something which the industry has failed to do for the last 15 years.

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Jelly Industries was set up by Stone in 2012 and created the new search app based on answering users' questions by crowd-sourcing queries. Stone said he intended to employ the same strategy as Twitter in order for the business to succeed.

"We started somewhere and we are watching for patterns. We are looking for where people are finding value.When we see that, we will double down on that and we will strip away the rest," he said.

By CNBC's Jenny Cosgrave: Follow her onTwitter @jenny_cosgrave

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