Elon Musk says he’s found a new CEO to lead Twitter

Update: Elon Musk on Friday named NBCUniversal advertising chief Linda Yaccarino as the new CEO of Twitter.

Elon Musk said Thursday that he’s stepping down as the chief executive of Twitter and will transition to the role of chief technology officer and executive chair in the coming weeks.

“Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!” Musk wrote on the social media platform, referring to the company’s new name. It wasn’t immediately clear who will take the helm. Musk added that he’ll be overseeing product, software, and system operations.

Musk had said in November that he planned to bring in someone else to lead the company, so the move was to be expected.

The change in leadership could mark a significant new path for Twitter, which was acquired by the Tesla CEO last year for $44 billion. Musk has shaken up the platform by rapidly reducing its work force and increasing the focus on monetization through Twitter Blue, its subscription program.

It could also be a boon for Tesla. Some investors had been concerned that Musk couldn’t devote enough time to the electric vehicle company since so much of his time and energy was spent on Twitter.