OPINION: Wall Street actually should be celebrating that Twitter’s board chose an insider as CEO, writes MktwHulbert.
Twitter TWTR, +5.70% investors may be making a mistake by reacting so negatively to Jack Dorsey’s resignation as CEO and his being replaced by a relatively unknown company insider — Parag Agrawal.
This is because a corporation’s internal culture plays a much bigger role in a company’s success or failure than the CEO. Internal candidates like Agrawal are steeped in Twitter’s corporate culture and know how to navigate it. In contrast, CEOs brought in from the outside have no such familiarity, which is why they often are less-effective leaders.
You can readily see why culture isn’t easily defined. But just because it’s hard to define doesn’t mean that it has little or no impact.
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