MediaFile

Jack Dorsey’s impractical double duty

Editor’s note: This piece originally appeared on PandoDaily.com.

Can we finally stop pretending someone can run two companies if they just work hard enough or are brilliant enough?

I’m looking at you, Jack Dorsey, Twitter CEO Dick Costolo, Twitter investor Peter Fenton and everyone else who spent years arguing that it was totally doable. In various interviews and private conversations throughout 2011, people close to Twitter consistently maintained it was no big deal that Dorsey could build Square – one of the single most ambitious, capital- and execution-heavy startups of our day – and run product at Twitter – a company that was woefully behind on any meaningful product innovation and desperately needed a visionary leader.

You know what they all said whenever anyone asked whether this was sustainable. And you know it even if you’ve never heard it firsthand. “Well, Steve Jobs did it.”

If there’s one phrase that’s more annoying than “What would Steve Jobs do?” it’s, “Well, Steve Jobs did it.” But here’s the reality: Steve Jobs barely did it, and he was Steve Jobs.

It’s widely acknowledged that Jobs was not nearly as involved in the day-to-day operations of Pixar as he was at Apple. And Walter Isaacson wrote in his biography of Jobs about the toll of filling both positions, saying that Jobs believed his health issues started when he was running both companies. The other example people bring up is Elon Musk, who runs both SpaceX and Tesla. But Musk too has said for years it’s not an ideal situation and is “way past the fun part.” Neither Musk nor Jobs – two of the greatest entrepreneurs of our time – have said it was remotely sustainable.

The Life of Jack: Twitter/Square co-founder details his grueling workweek

Managing a fast-growing tech start-up is not a job that everyone is cut out for.

Managing two of today’s hottest start-ups simultaneously? That’s a feat that could overwhelm even some of the corporate world’s biggest egos.

Somehow, Jack Dorsey, the co-founder of microblogging service Twitter and mobile payment company Square, is managing to pull it off, putting in 8 hour days at each of the two companies every day, without collapsing into a pile of jello.

How does he do it?

Dorsey, who serves as Chairman of Twitter and CEO at Square, shed some light on his double-duty worklife during a talk at the Techonomy conference in Tucson, Arizona on Sunday.

Tech wrap: Olympus shareholders want entire board purged

Pressure mounted on Japan’s Olympus to take radical action after it admitted to hiding losses on securities investments for decades, with the camera and endoscope maker’s largest foreign investor demanding the resignation of the company’s entire board. Southeastern Asset Management, which owns about five percent of the 92-year-old company, said Tuesday’s admission “changes everything”.

Brushing aside new Olympus President Shuichi Takayama’s insistence he was “absolutely unaware of the facts,” Southeastern told Reuters correspondents Sinead Cruise and Kirstin Ridley that any further reign of the Olympus board risked damaging the company’s key medical business. Takayama, a previous board member who was promoted last month, blamed former Chairman Tsuyoshi Kikukawa, Vice-President Hisashi Mori and internal auditor Hideo Yamada for the cover-up, saying he would consider criminal action.

Former Olympus CEO Michael Woodford, who was fired on October 14 after persistently asking why the company had spent around $1.3 billion on obscure fees and acquisitions, told Reuters that the company’s partners should come under close scrutiny after Tuesday’s admission and that questions remained to be answered about the money trail. “You need forensic accountants going in there to find out where the money has gone, who has worked with Olympus, who has cooperated with Olympus, who has received fees from Olympus,” he told Reuters Insider. “Those are questions we need answered. And then we need an impairment test.”