Twitter is rapidly becoming the BlackBerry of social media - Harvard Professor

After a day Twitter revealed that CEO Dick Costolo was stepping down, a Harvard Business School professor said the company needs a "clean sweep" to prevent a total downfall.

Bill George, a Harvard professor who was formerly the CEO of Medtronic and sits on the board of directors at Goldman Sachs and ExxonMobil, said Twitter needs to speed things up quick.

George, like many others, called for Costolo to resign months ago amid the company's struggles to grow its user base. He said Twitter is at risk of following BlackBerry's path — from a leader in the industry to obsolescence.
"They haven't even appointed a search committee until now," George told CNBC on Friday. "What are they doing? The world is passing them by."
"Twitter is rapidly becoming the BlackBerry of social media," he added.