Twitter CEO Jack Dorsey resigns, and Parag Agrawal takes his place.
Jack Dorsey, the CEO of Twitter, the social media company he co-founded in 2006, is stepping down. Ten-year veteran Parag Agrawal will take his place as Twitter’s chief technology officer.
CNBC first broke the story, and Twitter stock rose as a result.
As Dorsey put it in a statement, “I’ve made the decision to leave Twitter because I believe the company is ready to move on from its founders.” “I have complete faith in Parag as Twitter’s CEO. His work has been transformative for the last ten years. His skill, heart, and soul have made a huge impact on my life. His time has come.”
The company’s board of directors has agreed to extend Dorsey’s term until May 2017. Previously, he had resigned as CEO of Twitter after a disagreement with another co-founder. In 2015, he was re-elected to the position of CEO.
Some investors have criticized Dorsey for leading two publicly traded companies at the same time as CEO of Square, the financial payments company he founded in 2009. Dorsey was replaced as CEO by Elliot Management, which is a major shareholder, last year. A CEO who is solely responsible for running the company was argued to be necessary. A deal with Twitter management allowed the hedge fund to drop its demand.
As well as being CEO of both companies, Dorsey is known to have a number of other interests, including bitcoin and meditation. At least two hours of meditation and one small meal are part of his daily routine, according to a 2020 interview with Wired Magazine.
Even though celebrities, politicians, and the media use Twitter, it has been slow to innovate compared to the likes of Facebook, Snapchat, and TikTok. For the past few years, the microblogging platform has remained largely unchanged. As part of an ambitious effort to more than double annual revenue and attract new users, Twitter has only recently introduced new features such as Twitter Blue, a subscription service for frequent users, and Twitter Spaces for audio chats.
As Agrawal wrote in a memo to Twitter staffers on Monday: “I believe that strategy is bold and right.” When it comes to achieving our goal of making Twitter the best platform for our customers, shareholders, and each of you, we face a critical challenge: how we work to implement it and deliver results.
In an email to colleagues, Dorsey announced his departure, calling it “a tough one” but insisting it was his own decision.
“This is a rare accomplishment for a business. So few entrepreneurs put their company ahead of their own ego “he penned something. This decision was the right one, and I’m confident we’ll be able to show it.
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