Jack Dorsey, CEO of Twitter and Square, on the Bitcoin 2021 convention in Miami in June.
Eva Marie Uzcategui/Bloomberg/Getty Images
Twitter CEO Jack Dorsey is stepping down. On Monday, the social community stated Parag Agrawal, beforehand Twitter’s chief know-how officer, will take over as CEO efficient instantly. In notice to staff posted on Twitter on Monday, Dorsey stated it was his resolution to go away the corporate.
“I imagine it is actually vital to present Parag the house he wants to steer,” wrote Dorsey, including that “I imagine it is important an organization can stand on it personal, freed from its founders’s affect or course.”
Dorsey stated he’ll stay on Twitter’s board by way of the tip of his time period in 2022 to assist with the transition. The transfer, which was earlier reported by CNBC, was reportedly within the works since final 12 months. In addition to being the chief govt of Twitter, Dorsey can be the CEO of funds firm Square. Dorsey, who co-founded Twitter, has been CEO of the social community since 2015, when he took over following the resignation of Dick Costolo. He additionally briefly served as Twitter’s first CEO in 2007. In 2020, Dorsey managed to get by way of an effort from activist investor Elliott Management to oust him as Twitter CEO. One cause Elliott was reportedly pushing for the takeover was as a result of Dorsey’s time is cut up between operating two public firms. Agrawal joined Twitter in 2011 and has served as the corporate’s CTO since 2017. As CTO, he led the social community’s technical technique and superior using machine studying at Twitter, in line with a launch. Agrawal adopted up together with his personal notice to staff on Monday, additionally shared on Twitter, highlighting the corporate’s alternatives forward. “We not too long ago up to date our technique to hit bold targets, and I imagine that technique to be daring and proper,” he wrote. “But our vital problem is how we work to execute in opposition to it and ship outcomes — that is how we’ll make Twitter the very best it may be for our prospects, shareholders and for every of you.”The firm’s inventory spiked following the information, however settled some to be up greater than 3% on the time of this report. Trading of Twitter shares was then halted, in line with CNBC.