Elon Musk to sack Parag Agrawal as Twitter CEO? New CEO reportedly lined up, says report

Parag Agrawal might be replaced after Elon Musk completes the purchase of Twitter.

As a consolation prize, Parag Agrawal will receive a compensation package of $42 million, if he is sacked as Twitter CEO. (MINT_PRINT)

Twitter's new owner Elon Musk will reportedly line up a new Chief Executive to replace CEO Parag Agrawal after the $44 billion-sale of the social network is complete. News agency Reuters has reported an unnamed source stating the same. However, the source has not revealed the name of the person who may replace Agrawal. Parag Agrawal, had joined Twitter as Chief Executive in November and is expected to remain in his post till Musk completely takes over the company. Agrawal will receive a significant compensation package of $42 million if he were terminated within 12 months of a change in control at the social media company as per the clause mentioned in his contract.

Musk is reportedly planning to make some bold changes to make Twitter a place of “maximum fun.” Earlier, the billionaire told Twitter chairman Bret Taylor that he does not have confidence in the company's management.

However, even as reports of Parag Agrawal's replacement as the Twitter CEO following the hostile takeover by the Tesla and SpaceX boss is doing the rounds on the internet, Agrawal has appeared confident in his future at the company. He tweeted, “I took this job to change Twitter for the better, course correct where we need to, and strengthen the service. Proud of our people who continue to do the work with focus and urgency despite the noise.”

I took this job to change Twitter for the better, course correct where we need to, and strengthen the service. Proud of our people who continue to do the work with focus and urgency despite the noise.

— Parag Agrawal (@paraga) April 27, 2022

Meanwhile, Agrawal sought to quell anger voiced by employees during a company-wide meeting where they demanded answers on how managers planned to handle an anticipated mass exodus prompted by Elon Musk. The internal town hall meeting was held after Musk repeatedly criticised Twitter's content moderation practices and a top executive responsible for setting speech and safety policies.

Reuters has shared that the executives said the company would monitor staff attrition daily, but it is too soon to tell how the buyout deal with Musk would affect staff retention.

Musk has pitched lenders on slashing board and executive salaries but exact cost cuts remain unclear. One of the sources informed Reuters that Musk would not make decisions on job cuts until he assumes ownership of Twitter.

Meanwhile, replying to one of the employee's tweets, Agrawal said that Twitter has always cared about its staff and would continue to do so."I believe the future Twitter organization will continue to care about its impact on the world and its customers,” he wrote, after an employee asked his honest thoughts on the very high likelihood that many employees will not have jobs after Musk closes the deal.