Twitter's board likely won't decide on a new CEO until after Labor Day, Re/code's Kara Swisher said Friday on CNBC's "Squawk Alley."
Investors on Friday watched Twitter's shares, which were down more than 1.2 percent midday amid speculation the social media company would name a new permanent CEO. But Swisher said the board of directors did not select a candidate at meetings Thursday.
"I'm not sure what the pressure is," she said. "This is an important decision, they should take time to pick the right CEO, unless they are going to sell [the company]."
Co-founder and Chairman Jack Dorsey has manned the helm at Twitter since former CEO Dick Costolo stepped down in June. Swisher said unless the company can sign on a big star, Dorsey is the candidate to beat for the top job at Twitter.
"They have a very good candidate in Jack Dorsey," Swisher said. "Obviously, Jack Dorsey has had his on-the-job training, and they are trying to assess how he's done."