WHEN: Today, Wednesday, October 29th
WHERE: CNBC's "Closing Bell"
Following is the unofficial transcript of breaking news from CNBC's Jon Fortt. Following is a link to the story on CNBC.com: http://www.cnbc.com/id/102133302?trknav=homestack:topnews:3.
All references must be sourced to CNBC.
JON FORTT: KELLY, I HAVE BEEN ABLE TO LEARN THAT TWITTER VICE PRESIDENT OF ENGINEERING JEREMY GORDON IS LEAVING THE COMPANY. THIS IS A BIG DEAL FOR A FEW REASONS. ONE, HE, I BELIEVE, WAS IN CHARGE OF AROUND 400 PEOPLE AT TWITTER AND IS VERY WELL RESPECTED INSIDE THE ORGANIZATION. ALSO, ADAM KINNEY, WHO IS A FOUR-YEAR VETERAN IN THE ENGINEERING ORGANIZATION OVER SOME ANALYTICS PROJECTS, IS ALSO LEAVING. HE IS DIRECTOR LEVEL. NOWHERE NEAR AS HIGH UP AS GORDON IS, BUT STILL A LOSS AT A TIME WHEN THE COMPANY IS TRYING TO TWEAK ITS PRODUCTS IN ORDER TO GROW USERS. IT IS SOMETHING THEY HAVE TALKED ABOUT EXTENSIVELY ON THE CALL ON MONDAY. ALSO, I'M HEARING THAT WITHIN TWITTER AND THE ENGINEERING ORGANIZATION THAT THERE IS A LOT OF DISSENTION OVER THE DIRECTION, A LACK OF CLARITY AND HOW THEY ARE GOING TO GET PRODUCTS OUT, EXACTLY WHAT THE DIRECTION IS. DICK COSTOLO OF COURSE, WAS TELLING OUR OWN JULIA BOORSTIN ON MONDAY IN THAT EXCLUSIVE EARNINGS INTERVIEW THAT THE WHOLE TEAM IS ON BOARD WITH THE DIRECTION. THEY ARE ALL PROUD OF IT AND CONFIDENT IN IT. NOT EXACTLY WHAT I AM HEARING AND SOME PEOPLE CONNECTED TO TWITTER ARE SAYING THAT THESE DEPARTURES, WHICH DO CONTINUE, ARE INDICATIVE OF THAT. SO NOW, IT IS IN THE HANDS OF TWITTER TO MAKE THE CASE THAT IN FACT THEY DO HAVE THIS TOGETHER AND THAT THEY ARE GOING TO BE ROLLING OUT PRODUCTS TO SPUR ON GROWTH. TWITTER DID CONFIRM TO ME THAT THESE DEPARTURES ARE HAPPENING. WE ARE, OF COURSE, THE FIRST TO BRING THAT NEWS TO OUR VIEWERS.
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