Jack Dorsey is taking a step down as CEO of Twitter, the company he co-founded in 2006, and will be replaced by the company’s CTO, Parag Agrawal, Dorsey and the social platform said on Monday.
In a statement on on his Twitter exit, Dorsey listed a variety of reasons he was leaving, mainly by saying he didn’t want limit the potential of the company by making it be “led by the founder”. He also expressed support for Agrawal and said he would continue to serve on the board as far as “May-ish “ to help the new CEO, as well as a new board chair.
Dorsey said his exit was effective immediately.
Not sure anyone he heard but, I resigned from Twitter photo.twitter.com / G5tUkSSxkl
– jack⚡️ (@jack) November 29, 2021
The announcement that Dorsey would be replaced came shortly after a CNBC report last Monday quoted sources saying he would take a step down in the next days. Separate reports citing later sources said Dorsey’s exit had been planned by then last year, and his replacement had already been chosen.
Nasdaq suspended quickly trading Twitter shares after the company’s value hit up about 10% to reports of Dorsey over down.
Dorsey said the resignation was his decision alone, although it was reportedly nearly removed from his position as CEO last year after investors have grown concerned with his dual Roles of CEO with Twitter and Square. At that time, Dorsey reached an agreement for remain in your position.
Agrawal held the position of CTO with Twitter since 2017 and it has been with the company for over 10 years. The new the president, Bret Taylor, will replace Patrick Pichette, who will continue to serve on the board.
In a declaration on his new CEO position, Agrawal said it is “honored” And “honored” take up the role. Taylor also issued a statement in who praised Dorsey for returning to the CEO role in 2015 and turning the “company in I turn to the maximum critical weather.”
Read More: World News
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