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CNBC Exclusive: Transcript: Outgoing Twitter CEO Dick Costolo & Twitter Co-Founder Jack Dorsey Speak with CNBC's David Faber on "Squawk on the Street"
WHEN: Today, Friday, June 12th
WHERE: CNBC's " Squawk on the Street "
Following is the unofficial transcript of a CNBC EXCLUSIVE interview with outgoing Twitter CEO Dick Costolo and Twitter Co-Founder Jack Dorsey with CNBC's David Faber on "Squawk on the Street" (M-F, 9AM-11AM ET) today. Video from the interview is available on CNBC.com.
All references must be sourced to CNBC.
DAVID FABER: THE TOP STORY TODAY, TWITTER CEO DICK COSTOLO IS STEPPING DOWN. AND CO-FOUNDER AND CHAIRMAN JACK DORSEY STEPPING IN AS INTERIM CEO. SHARES HAD SPIKED YESTERDAY AFTER THE ANNOUNCEMENT. NOW AS YOU CAN SEE THIS MORNING UP A MORE MODEST, LET'S CALL IT, ALMOST 2%. JOINING US NOW EXCLUSIVELY IS DICK COSTOLO, TWITTER'S CEO, OUTGOING OF COURSE, AND JACK DORSEY, TWITTER'S CHAIRMAN,CO-FOUNDER AND INTERIM CEO. THANK YOU BOTH FOR BEING HERE AT THIS EARLY HOUR IN SAN FRANCISCO. WE APPRECIATE IT.
DICK COSTOLO: THANKS DAVID THANKS FOR HAVING US.
JACK DORSEY: GOOD MORNING.
FABER: JACK, I'D LOVE TO START WITH YOU. TO THE EXTEND THAT DICK COSTOLO MAKES IT CLEAR TO THE BOARD LATE LAST YEAR THAT HE'S THINKING ABOUT GIVING UP HIS CEO TITLE OR I SHOULD SAY STEPPING DOWN AT LEAST STARTING TO THINK ABOUT IT, WHY DOESN'T THE BOARD ACT THEN? WHY DON'T YOU TAKE A MORE PROACTIVE APPROACH INSTEAD OF WAITING SIX MONTHS FOR THIS PERIOD NOW WHERE THEN YOU HAVE TO COME IN AS INTERIM CEO AND ENGAGE IN A SEARCH?
DORSEY: WELL, WE'VE ALWAYS HAD AN OPEN CONVERSATION WITH DICK AND THE LEADERSHIP AND THE BOARD ABOUT THE NEXT STEPS OF THE COMPANY, AND WE DO THAT JUST IN SERVICE OF MAKING SURE WE'RE PUTTING THE COMPANY FIRST. WE HAVE AN EXTREMELY STRONG ROAD MAP, AND I THINK WE ALL REALLY SET THE TONE BACK IN NOVEMBER WHEN IT WAS SAID YOU'LL NEVER SEE A GREATER CADENCE THAN YOU WILL AT THE COMPANY IN WHAT WE'RE ABOUT TO DO. THE COMPANY KEEPS DELIVERING ON THAT. AND WE DID NOT WANT TO INTERRUPT THAT MOMENTUM IF ANYTHING WE WANT TO AMPLIFY IT BECAUSE WE'RE EXTREMELY EXCITED ABOUT THE PRODUCTS AND NEW INITIATIVES TO COME.
FABER: WELL WHEN YOU SAY MOMENTUM, I THINK SOME SHAREHOLDERS WOULD SAY WHAT ARE YOU TALKING ABOUT? GIVEN THE MOST RECENT QUARTER AT LEAST THERE DOESN'T SEEM TO BE GREAT MOMENTUM IN THE BUSINESS.
DORSEY: I THINK THERE'S BEEN A GREAT MOMENTUM IN SHIPPING MORE AND MORE NEWS SERVICES AND UPDATING PLATFORMS LIKE FABRIC AND ALSO NEW SERVICES LIKE PERISCOPE WHICH I THINK IS AN AMAZING AMAZING MANIFESTATION OF WHAT TWITTER'S FUTURE IS.
FABER: JACK SOME PEOPLE FOCUSSED ON YOUR COMMENTS ON THE CALL ON SAYING THERE WILL BE NO CHANGE IN STRATEGY OR DIRECTION AND WERE SOMEWHAT DISAPPOINTED WITH THAT. I'VE SPOKEN TO PEOPLE WHO KNOW BOTH OF YOU WELL AND SAY LISTEN JACK, YOU'RE GREAT AT REJUVENATING THE CONSUMER PRODUCT IF YOU CAN DO THAT TWITTER COULD BE GREAT. THEY WERE DISAPPOINTED TO HEAR THAT PERHAPS THERE'S NO CHANGE IN DIRECTION OR STRATEGY. WHY NOT?
DORSEY: BECAUSE THE FUNDAMENTS AND THE PRIMITIVES THAT THE COMPANY IS BUILDING RIGHT NOW AND EXECUTING RIGHT NOW ARE EXTREMELY STRONG, AND BEAUTIFUL. AND I THINK IT'S GOING TO BE A VERY ENGAGING EXPERIENCE, AND I CAN'T WAIT FOR THE WORLD TO SEE IT.
FABER: DICK, WHY ARE YOU STAYING ON THE BOARD?
COSTOLO: I LOVE THE COMPANY. I LOVE THE THOUSANDS OF PEOPLE WHO WORK AT THE COMPANY. I ENJOY WORKING WITH CUSTOMERS AND PARTNERS. I SPEND AN EXTRAORDINARY AMOUNT OF TIME WITH ALL OF THOSE STAKEHOLDERS IN THE BUSINESS, SO I'M LOOKING FORWARD TO BEING ABLE TO CONTINUE TO HELP OUT BOTH INTERNALLY AND EXTERNALLY.
FABER: TO THOSE WHO TELL ME THIS GUY WAS JUST EXHAUSTED AND HE'D HAD IT. IS THAT TRUE?
COSTOLO: AT THE END OF THE LAST YEAR, AS JACK MENTIONED I STARTED TALKING TO THE BOARD ABOUT TRANSITIONING. I WANTED TO MAKE SURE WE WERE DOING IT WHEN THE TEAM THAT WAS IN PLACE WAS STRONG, WAS WORKING WELL TOGETHER AND THEY WERE FORTHRIGHT WITH EACH OTHER. THEY ENGAGED DIRECTLY WITH EACH OTHER AND THEY RESOLVED CONFLICTS TOGETHER WITHOUT ME ALWAYS HAVING TO STEP IN AND I STARTED TO SEE THAT AT THE END OF THE YEAR, AND AT THE MOST RECENT BOARD MEETING JUST LAST WEEK WE HAD A GOOD LONG THREE HOUR CONVERSATION AT THE END OF THE BOARD MEETING ABOUT THE STATE OF THE TEAM THAT IS HEALTHY, MAYBE HEALTHIER THAN I'VE EVER SEEN IT. AS JACK MENTIONED, THE CADENCE OF THE PRODUCT EXECUTION HAS BEEN BETTER THAT I'VE EVER SEEN IT, AND WITH THE NEW SERVICES LIKE FABRIC DOING SO WELL AND PERISCOPE ONE OF THE HOTTEST AND GREATEST NEW NATIVE MOBILE VIDEO APPS IN THE MARKET, IT WAS THE RIGHT TIME.
FABER: JACK, THERE ARE OTHERS WHO SAY, LISTEN, AN INSIDER IS EVEN TELLING ME WE'VE BEEN NOT PARTICULARLY GOOD AT THE CONSUMER PRODUCT. WE CAN GET A LOT BETTER AND THEY WANT TO KNOW WHAT WILL BE DIFFERENT IN, LET'S, CALL IT, SIX MONTHS ASSUMING YOU HOLD THE JOB FOR THOSE SIX MONTHS.
DORSEY: THE MORE THE PRODUCT SIMPLIFIES, THE MORE THE PRODUCT FEELS STRAIGHTFORWARD AND THE MORE WE SHIP AND EXECUTE, THE MORE PEOPLE WILL FIND VALUE IN IT AND THAT'S REALLY WHAT WE'RE FOCUSSED ON AND THAT'S WHAT THE TEAM HAS BEEN WORKING ON AND I THINK BEEN SHOWING THE FIRST PART OF THIS YEAR.
FABER: JACK, IT'S BEEN MADE CLEAR TO ME THAT WHILE YOU'RE CURRENTLY AN INTERIM CEO, YOU'RE BEING CONSIDERED FOR THE JOB FULL-TIME. IF, IN FACT, YOU'RE ASKED TO TAKE THE CEO JOB PERMANENTLY, WILL YOU ACCEPT THAT?
DORSEY: IT'S NOT EVEN A QUESTION I'M CONSIDERING RIGHT NOW. WE HAVE A GREAT SEARCH COMMITTEE LOOKING FOR THE RIGHT FIT FOR TWITTER LONG-TERM, AND MY FOCUS RIGHT NOW IS TO MAKE SURE OUR PRODUCT CADENCE AND MOMENTUM OF EXECUTION CONTINUES WITHIN THE COMPANY AND ALSO TO MAKE SURE SQUARE CONTINUES ITS CADENCE AND ITS MOMENTUM WITH OUR STRONG TEAM OVER THERE.
FABER: YEAH WELL YOU'VE GOT A $6 BILLION VALUATION ON SQUARE, A THOUSAND EMPLOYEES. HOW CAN YOU DO BOTH?
DORSEY: IT'S REALLY A TESTAMENT TO THE STRENGTH OF BOTH TEAMS. DICK HAS SPENT A HUGE AMOUNT OF TIME OVER THE YEARS BUILDING A GREAT MANAGEMENT TEAM THAT I FEEL VERY CONFIDENT FOR AND I HAVE A LOT OF CONTEXT FOR AND I'VE BEEN DOING THE SAME AT SQUARE. I'M EXTREMELY PROUD OF THE TEAM AND OUR EXECUTION OVER THE PAST SIX MONTHS AND EVEN OUR RECENT ANNOUNCEMENTS.
FABER: SO, AGAIN, JUST TO COME CAN BACK TO THIS, YOU'RE NOT ANSWERING THE QUESTION AS TO WHETHER YOU'D ACCEPT THE CEO JOB FULL-TIME? YOU'RE NOT SAYING NO, ARE YOU?
DORSEY: I'M NOT FOCUSSED ON IT. IT'S NOT MY JOB. MY JOB IS TO MAKE SURE THAT WE CONTINUE WITH OUR CADENCE AND AMPLIFY AND ACCELERATE OUR EXECUTION.
FABER: DICK, MY COLLEAGUE JON FORRT HERE IS GOING TO ASK QUESTIONS. I'M GOING TO ASK ONE THAT HE ASKED EARLIER. WHICH IS YOU'RE GOING TO HAVE THREE CEOS ON THE BOARD. IS THAT GOING TO MAKE IT MORE DIFFICULT TO FIND A REPLACEMENT FOR YOU FULL TIME?
COSTOLO: I THINK THE FACT THAT JACK AND I AND EV TALK TO EACH OTHER REGULARLY AND WORK WELL TOGETHER JACK AND I HAVE DINNER EVERY WEEK SPEND SEVERAL HOURS TALKING ABOUT THE COMPANY, AND EVERYBODY HAS GOT SUCH GREAT CONTEXT FOR WHAT'S GOING ON IN THE COMPANY TODAY, I DON'T THINK THAT'S GOING TO BE AN ISSUE AT ALL. ALL OF US WANT TO MAKE SURE THAT THE VERY BEST PERSON POSSIBLE WHO STEPS INTO THE ROLE HAS THE FREEDOM THAT THEY NEED, THE FREEDOM THAT WE'LL WANT THEM TO HAVE TO DO EVERYTHING THAT THEY'LL WANT TO DO TO LEAD THE WAY THEY WANT TO LEAD. THERE ARE MANY DIFFERENT WAYS TO BE SUCCESSFUL, AND MANY DIFFERENT KINDS OF GREAT LEADERS AND GREAT CEOS AND I UNDERSTAND THAT AND I THINK JACK AND EV DO AS WELL.
JON FORTT: JACK, IT'S JON FORTT, AND I WANT TO FOLLOW UP ON SOMETHING YOU JUST SAID. I WANT TO KNOW WHAT ARE THE METRICS THAT YOU'RE GOING TO USE TO MEASURE YOUR PERFORMANCE OVER THE NEXT SIX MONTHS? IS IT MANAGEMENT STABILITY? IS IT USER GROWTH? YOU ALREADY MENTIONED THE PRODUCT BEING SIMPLE. PRODUCT CADENCE AND MOMENTUM? WHICH OF THOSE IS MORE IMPORTANT OR IS IT ALL OF THOSE? IS IT SOMETHING ELSE JACK?
DORSEY: IT'S DEFINITELY ALL OF THOSE AND IT'S DIFFERENT FOR BOTH COMPANIES BUT CERTAINLY WE WANT TO SEE AN ACCELERATION OF OUR EXECUTION, AND WE WANT TO GET OUR PRODUCTS AND SERVICES OUT TO THE WORLD FASTER. YOU KNOW, THE THING THAT SOLVES EVERYTHING IS SHIPPING A GREAT PRODUCT THAT PEOPLE VALUE AND PEOPLE LOVE AND PEOPLE WANT TO USE MORE AND MORE AND THAT'S EXACTLY WHAT I'M FOCUSSED ON.
KAYLA TAUSCHE: JACK, THIS IS KAYLA TAUSCHE. IT'S GOOD TO SEE YOU AND WE APPRECIATE YOUR TIME THIS MORNING. YOU SAID LAST NIGHT THAT THERE IS NOT GOING TO BE ANY CHANGE IN STRATEGY OR DIRECTION, BUT THIS IS A COMPANY THAT HAS BEEN SURROUNDED BY A LOT OF NOISE AROUND WHETHER THERE WOULD BE A POTENTIAL TAKEOVER. I'M WONDERING IN THE NEAR TERM, DO YOU PUT A POISON PILL IN? DO YOU MAKE ANY GOVERNANCE CHANGES SO THAT THAT'S NOT SOMETHING THE BOARD NEEDS TO FOCUS ON? OR IS THAT STILL A POSSIBILITY?
DORSEY: IT'S NOT SOMETHING WE'RE FOCUSED ON. AGAIN, WE ARE FOCUSED ON OUR EXECUTION, WE ARE FOCUSED ON GETTING PRODUCT OUT THERE, WE ARE FOCUSED ON GETTING SERVICES AND WE HAVE THE RIGHT TEAM IN PLACE TO DO THAT, AND I DO FEEL THAT WE CAN ACCELERATE A BUNCH OF THAT SO PEOPLE GET TO SEE IT FASTER.
COSTOLO: YEAH KAYLA, JACK AND I AND THE REST OF THE BOARD ALL KNOW THAT WE HAVE A FIDUCIARY DUTY TO OUR SHAREHOLDERS TO MAXIMIZE VALUE. WE THINK WE CAN DO THAT BEST AS AN INDEPENDENT COMPANY. BUT, AGAIN, WE'RE GOING TO FULFILL OUR FIDUCIARY DUTY TO MAXIMIZE VALUE OF THE COMPANY.
TAUSCHE: WELL DICK, YOU KNOW, YOU DID A DEAL WITH GOOGLE BACK IN FEBRUARY TO ALLOW TWEETS TO SHOW UP IN GOOGLE SEARCH AND THERE'S SOME SENSE THAT MAYBE THERE WERE DISCUSSIONS WITH GOOGLE OVER A DEAL AT THAT TIME THAT JUST NEVER MATERIALIZED. CAN YOU ADD SOME CLARITY TO THAT?
COSTOLO: I'M NOT GOING TO COMMENT ON THE EXISTENCE OR NONEXISTENCE OF ANY EXTERNAL CONVERSATIONS BEYOND THE PARTNERSHIP DISCUSSIONS WE'VE ALREADY DISCUSSED WITH EVERYBODY.
FABER: DICK, WHAT WAS YOUR GREATEST FRUSTRATION AS CEO OVER THESE LAST FIVE YEARS?
COSTOLO: YOU KNOW, I DON'T THINK OF IT THAT WAY. I THINK ONE OF THE MOST FASCINATING THINGS TO ME IS THAT I FOUND THAT YOU WOULD LEARN MORE AS A CEO AND AS A LEADER THROUGH MISTAKES, AND THEY MAY BE SIMPLE MISTAKES, THEY MAY BE ORGANIZATIONAL MISTAKES. THEY MAY BE OPERATING ERRORS. AND THAT ALWAYS FASCINATED ME AS I'VE REFLECTED ON MY TIME IN THE COMPANY. THE BIGGEST MOMENTS OF GROWTH WOULD BE THROUGH THINKING ABOUT MISTAKES WE'D MADE, BEING REALLY OPEN AND HONEST AND FORTHRIGHT WITH THE COMPANY ABOUT THOSE AND HOW WE WERE GOING TO OPERATE DIFFERENTLY GOING FORWARD TO BE MORE EFFICIENT. AND SO THAT'S THE WAY I GENERALLY HAVE THOUGHT ABOUT MY TIME AND LESSONS LEARNED INSIDE THE COMPANY.
FABER: AND, JACK, COMING BACK TO THE FUNDAMENTALS OF THE COMPANY ITSELF. YOU'VE HAD FIVE HEADS OF CONSUMER PRODUCTS OVER THE LAST FOUR YEARS. PEOPLE SAY THE TEAM IS GOOD AND STRONG, BUT YOU STILL HAVE TO WORRY A LOT ABOUT PRODUCT AND LEADERSHIP. WHAT CAN BE DONE HERE TO SORT OF CHANGE THAT AND MAKE THINGS A LITTLE BIT MORE STABLE, PARTICULARLY AS IT COMES TO THE FIVE DIFFERENT PEOPLE THAT DICK HAS HAD WORKING FOR HIM ON PRODUCTS?
DORSEY: I THINK IT REALLY COMES DOWN TO WORKING ON THE FUNDAMENTALS OF WORKING TOGETHER AND COLLABORATING. AND THIS TEAM MOVES TOGETHER AS ONE ENTITY, AND I HAVE SEEN THAT IN MY ROLE OF CHAIRMAN. AND I HAVE SEEN THAT IN OUR CONVERSATIONS, IN MY CONVERSATIONS WITH THE MANAGEMENT TEAM. I HAVE A LOT OF CONFIDENCE FOR KEVIN, OUR HEAD OF PRODUCT. I'VE KNOWN HIM FOR A LONG TIME. HE'S BEEN AT THE COMPANY FOR A WHILE. HE'S HELD MANY, MANY DIFFERENT ROLES FROM ENGINEERING TO LEADING ALL OF OUR PRODUCTS. AND I THINK IT'S JUST A FANTASTIC STORY. AND HIS GREATEST PARTNERSHIP IS WITH OUR HEAD OF ENGINEERING, ALEX. AND THAT GIVES ME A TON OF CONFIDENCE. THOSE TWO TOGETHER HAVE JUST DONE AMAZING THINGS IN A VERY, VERY SHORT TIME FRAME IN THEIR LEADERSHIP. AND I EXPECT A WHOLE LOT MORE OF THAT TO COME. THERE IS A LOT OF STRENGTH THERE.
SARA EISEN: SO TALKING ABOUT ALL THIS STRENGTH, DICK, DO YOU THINK THAT SINCE GOING PUBLIC THERE'S BEEN AN EXPECTATION GAP BETWEEN WALL STREET INVESTORS AND BETWEEN THE STORY THAT YOU'RE TRYING TO TELL WHEN IT COMES TO USER GROWTH? WHEN IT COMES TO THE ADVERTISING STRATEGIES? THERE'S SOMETHING THAT INVESTORS ARE JUST NOT GETTING AND IF SO, DO YOU HAVE TO WORK ON YOUR COMMUNICATION, AND DOES JACK HAVE TO WORK ON THE COMMUNICATION AFTER YOU?
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
FABER: WHAT DOES THAT MEAN? WHAT DOES THAT ACTUALLY MEAN - WHAT YOU JUST SAID? WHAT DOES THAT RESULT IN?
COSTOLO: IT MEANS DELIVERING ON EXACTLY WHAT - WHEN WE'VE TALKED ABOUT THINGS LIKE STRENGTHENING THE CORE TO MAKE IT EASIER FOR NEW USERS WHO COME TO THE PRODUCT ON THE VERY FIRST DAY TO GET TWITTER AND ENGAGE WITH IT RIGHT AWAY BEFORE GOING OVER THIS LEARNING, YOU KNOW, COMING UP THIS LEARNING CURVE OF HAVING TO FIND 70, 80 ACCOUNTS TO FOLLOW TO GET A GREAT EXPERIENCE, BUT DELIVERING THAT IMMEDIATELY. WE'VE LAUNCHED THE FIRST VERSION OF THAT AND THE TEAM IS ITERATING ON THAT QUICKLY. IT MEANS REDUCING BARRIERS TO CONSUMPTION IN ORDER FOR PEOPLE ANYWHERE THEY ARE, WHETHER THEY ARE LOGGED INTO TWITTER, WHETHER THEY COME AND DON'T LOG IN, WHETHER THEY EXPERIENCE TWITTER CONTENT ACROSS MILLIONS OF WEB PAGES TO BE ABLE TO GET THAT CONTENT AND ENGAGE WITH IT RIGHT AWAY WITHOUT HAVING TO CLIMB OVER BARRIERS OR KNOW CERTAIN HASHTAGS OR CERTAIN SEARCH TERMS. ALL OF THAT WORK IS UNDERWAY AND GOING WELL.
FORTT: JACK, QUICKLY, DO YOU NEED A NUMBER TWO? THERE HAVE BEEN TIMES WHEN TWITTER HAS HAD A CHIEF OPERATING OFFICER. YOU HAVE TWO COMPANIES TO RUN AT THE SAME TIME. DO YOU NEED SOMEBODY SPECIFICALLY TO COMPLEMENT YOUR STRENGTHS? OR ARE YOU JUST GOING TO HAVE A WHOLE TEAM OF MANAGEMENT TO MANAGER UNDER YOU AT TWITTER AS WELL?
DORSEY: I THINK THE WHOLE TEAM SERVES THAT FUNCTION. I DON'T SEE ANY GAPS IN THAT LEADERSHIP TEAM AND I DON'T HAVE ANY GAPS IN THE LEADERSHIP TEAM AT SQUARE. SO I FEEL VERY CONFIDENT THAT TOGETHER WE CAN MOVE AS ONE ENTITY, AS ONE TEAM AND REALLY FOCUS ON OUR EXECUTION AND OUR PACE AGAINST OUR STRATEGY, WHICH I BELIEVE IN.
FABER: AND FINALLY, JACK, ALL THESE QUESTIONS, OF COURSE, ABOUT THE FUTURE OF THE COMPANY. THE DIFFERENT METRICS BY WHICH YOU'RE MEASURED. MOST OF THE QUESTIONS I'VE GOTTEN DURING THIS INTERVIEW ARE ACTUALLY ABOUT YOUR BEARD.
EISEN: A LOT OF TALK ABOUT THAT.
FABER: DOES IT HELP YOU AS A CEO? IS IT A STERNER SORT OF APPROACH FOR YOU? OR DO YOU CONSIDER ACTUALLY ELIMINATING THE BEARD AT SOME POINT?
DORSEY: THAT'S NOT A QUESTION I WAS EXPECTING, BUT, YOU KNOW, PEOPLE SHOULDN'T BE MEASURED BY WHAT THEY LOOK LIKE.
FABER: I THINK THAT'S A GREAT PLACE TO STOP AND I FULLY AGREE WITH YOU. GENTLEMAN, LISTEN, THANKS TO YOU BOTH FOR TAKING THE TIME THIS MORNING AND LISTENING AND TAKING OUR QUESTIONS. WE VERY MUCH APPRECIATE IT. DICK COSTOLO, OF COURSE, CURRENTLY AND OUTGOING CEO OF TWITTER AND HIS CURRENT CHAIRMAN JACK DORSEY WHO IS STEPPING IN AS INTERIM CEO.
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