Twitter CEO Jack Dorsey has stepped down as the Chief Executive, the social media giant announced on Monday.
Twitter CEO Jack Dorsey has since been replaced by Twitter technology head Parag Agrawal, the company said in a statement on Monday 29th November 2021. He will stay on the board through the end of his term to help with the transition before leaving entirely, he said.
The announcement on Monday, caused the company’s stock to make a massive jump.
It was just last year when Elliott Management the Twitter stakeholder, had wanted Dorsey to step down, under the belief it was hard for him to effectively run both Twitter and Square at the same time. Both had come to an agreement back then to keep Jack on, but clearly, they’ve now decided differently.
Twitter CEO Jack Dorsey also released a statement about his resignation, saying, “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 goes on to say there are 3 reasons he believes now is the right time to step down, including the fact he says Parag, who started in the company as an engineer is the right guy for the job. Dorsey says he’s also confident in Bret Taylor becoming Twitter’s board chair … and finally, speaking to users of the social media giant, ‘All of you have the potential to change the course of this company for the better. I believe this with all my heart!'”
Twitter was founded in 2006 by Dorsey, Biz Stone, Noah Glass and Ev Williams. Dorsey first served as CEO until 2008 and then took back over in 2015. He founded Square — a digital payment company — in 2009 and will almost certainly keep his role there.