Jack Dorsey Resign As Twitter CEO
|Jack Dorsey Resign As Twitter CEO|
Twitter Co-Founder, Jack Dorsey, has resigned as Chief Executive Officer, CEO, of the agency after 16 years on the social media firm, to get replaced by chief technology officer, CTO, Parag Agrawal.
In the meantime, Twitter’s shares rose 11% after the information broke.
The corporate stated Dorsey would step down instantly, however stay on the board till Twitter’s stockholder assembly in 2022.
Dorsey stated: “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders.
“My belief in Parag as Twitter’s CEO is deep. His work over the previous 10 years has been transformational.
“I’m deeply grateful for his skill, heart and soul. It’s his time to lead,” stated Dorsey.
Agrawal has been with Twitter for a decade and served as CTO since 2017.
“I want to thank the board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” mentioned Agrawal.
In his recent tweet on the site, posted Sunday, Dorsey wrote: “I love Twitter.”
In an e-mail to workers on Monday Dorsey wrote that after 16 years on the firm, it was time to depart.
“There’s a lot of talk about the importance of a company being ‘founder-led’.
“Ultimately I believe that’s severely limiting and a single point of failure,” he wrote.
“I’ve worked hard to ensure this company can break away from its founding and founders.”
Dorsey said Agrawal was his preferred choice for CEO. “My belief in him as CEO is bone-deep,” he wrote. “I want you all to know this was my decision and I own it.”
Dorsey, 45, co-founded the microblogging site in 2006 and posted the world’s first tweet: “Just setting up my twttr.”
He co-founded Sq. in 2009 after being pushed out of the highest job at Twitter earlier than returning as chief executive of the social media firm in 2015
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