Jack Dorsey has decided to step down as CEO of Twitter. The Board of Directors has unanimously appointed Parag Agrawal as the new chief executive of the microblogging company.
"I've decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I'm deeply grateful for his skill, heart, and soul. It's his time to lead," Dorsey is quoted in a press release.
Dorsey also serves as the CEO of digital payments company Square Inc. He returned to Twitter in 2015, after its former CEO Dick Costolo stepped down.
“Jack returned to Twitter and turned the company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward," Bret Taylor, Twitter's incoming Independent Board Chair said.
Parag Agrawal has been with Twitter for more than a decade and has served as Chief Technology Officer since 2017.
"Parag understands Twitter and appreciates the company's unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he'll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag."
CNBC was first to report Dorsey's move. Meanwhile, Reuters reported that the company's board has been preparing for Dorsey's departure since last year.
Pressure to focus on business more or even step down has been mounting on Dorsey for years now.
"I'm going to do whatever it takes to make sure both succeed," Dorsey told CNBC back in 2017, after the calls for him to step down as a CEO of one of the companies.
In 2020, the hedge fund Elliott Management had nominated four directors to the board at Twitter, which suggested their desire to either force Dorsey to become a full-time CEO of the company or to push him out entirely.
Elliott Management owned a 4% stake, equivalent to $1 billion, in Twitter in March 2020. In May 2021, it reportedly increased its stake by more than $200 million.
In November 2019, Dorsey announced his intention to relocate to Africa for up to six months but had to reconsider due to the COVID-19 outbreak. In March 2020, CNBC reported that Elliott Management founder Paul Singer was seeking to replace Dorsey as CEO partly because of the move.
In his last tweet, Dorsey wrote: “I love twitter.”
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