Call it Twixit.
Beleaguered social network Twitter (TWTR) - Get Twitter, Inc. Report continues to churn through top executives at a dizzying pace, despite the return of co-founder and former CEO Jack Dorsey last fall.
The latest departure is Vice President of Global Communications Natalie Kerris, who joined Twitter just six months ago after having previously served as Apple's (AAPL) - Get Apple Inc. (AAPL) Report Senior Director of Worldwide Corporate Communications. She joins a long line of executives who have left Twitter in the past year as the struggling company has sought ways to grow its audience and prove its business model.
"We have yet to see management articulate a cogent vision, let alone how the company could execute its hypothetical vision," said Jim Cramer and Jack Mohr, the manager and research director for the Action Alerts PLUS portfolio, which owns Twitter. "We remain concerned around executive turnover as we recognize that once a company starts losing its luster in Silicon Valley, a talent drain typically follows as the most qualified candidates favor the venture-capital darlings."
The sheen continues to fade from Twitter stock, which dropped 29 cents, or 1.75%,to $16.35 on Tuesday and is down more than 44% in the last 12 months.
For his part, Dorsey has made changes to Twitter's timeline and forged live streaming agreements with the National Football League and Time Warner's (TWX) Warner Bros.
Slowing growth led Wedbush Securities analyst Michael Pachter to call Twitter the "Yahoo (YHOO) of Social Media" in a report after the company's second-quarter earnings report in late July.
To be sure, some of Twitter's big hires remain, such as CFO Anthony Noto, who was head of Goldman Sachs's (GS) - Get Goldman Sachs Group, Inc. (GS) Report telecom, media and telecom investment banking group before he joined Twitter in July 2014. But high-level defections have been an issue all year.
Shortly before Kerris's arrival in February, Twitter lost Vice President of Global Media Katie Jacobs Stanton, who is now Chief Marketing Officer at Color Genomics; Senior Vice President of Product Kevin Weil, who is now Head of Product at Facebook's (FB) - Get Facebook, Inc. Class A Report Instagram; Senior Vice President of Engineering Alex Roetter; HR head Brian Schipper, who has moved on to Yext Inc.; and Vine manager Jason Toff, who tweeted in January that he was jumping to Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report Google to work on virtual reality.
As a result of some of those departures, Dorsey tweeted that COO Adam Bain and CTO Adam Messinger would be addomg to their responsibilities.
The issue of executive turnover could become a "self-perpetuating ... vicious spiral" that makes Twitter execs "easy pickings" for Facebook, Google or flashy startups, Cramer and Mohr argued earlier this year.