Twitter CEO and co-founder Jack Dorsey is reportedly revamping the management team of the company as he aimed to reverse its ailing fortunes and its user growth slowdown in the past 12 months.

According to the sources familiar with the matter, Dorsey plan's to revive the company include adding two new members to its board this week, as well as appointing a chief marketing officer. Bloomberg Business reported the new appointments will help guide the company through a turnaround.

Twitter's restructure came as the social media company lost the faith of Wall Street and became the subject of incessant speculation about its future as an independent entity. According to New York Times, investors were also questioning the usefulness of the service and whether it will become a mainstream hit on the scale of Facebook or Instagram. Last year, Twitter shares fell almost 55 percent.

The additions in the company's management, on the other hand, will be accompanied by several departures of Twitter executives. At least one executive was asked to leave while others are exiting on their own decision.

In a tweet late Sunday, Dorsey confirmed the departures of four top executives including Twitter's engineering head Alex Roetter, product head Kevin Weil, global media vice president Katie Jacobs Stanton and human resources vice president Brian "Skip" Schipper, USA Today noted.

"I'm personally grateful to each of them for everything they've contributed to Twitter," Dorsey wrote in a tweet.

Roetter, Stanton and Weil have also confirmed their departures on Twitter. In addition, Twitter's Vine unit head Jason Toff also tweeted his exit Sunday night. Toff revealed that he is joining Google to work on virtual reality.

Meanwhile, the departing executives will be replaced by two of the company's top lieutenants. Dorsey announced that Twitter's chief technology officer Adam Messinger will take over all of engineering and product. The company's chief operating officer Adam Bain, however, will assume additional responsibilities, particularly overseeing the media and human resources teams on an interim basis.

"He has a very strong sense of how to bring our development together so we can continue to ship faster and produce stronger work that people will love to use," Dorsey said of Messinger. "And I will be partnering with him day and night to make sure we're building the right experiences."

Twitter is planning to announce two new board members, including a high-profile media personality, and a new chief marketing officer.

Meanwhile, the exits will be the first significant departures from the technology company since Dorsey returned as Twitter's chief executive officer last year.

The news about the exits was first reported by Re/code. However, Twitter spokeswoman Natalie Miyake has declined to comment on the issue.