Twitter co-founder and CEO Jack Dorsey has announced that he is leaving the top leadership position of this social network. His replacement will be Twitter’s CTO, Mr. Parag Agrawal.
Dorsey currently serves as the CEO of two tech companies, Twitter and Square, his digital payment solutions company. Despite stepping down as CEO, Twitter’s announcement said that Dorsey will remain a member of the board of directors until a shareholder meeting in 2022.
Twitter co-founder Jack Dorsey
Said in his statement, Mr Dorsey said: “I decided to leave Twitter because I believed the company was ready to move on without its founders.However, he did not give details of the reason for his resignation.
Meanwhile, Mr. Agrawal will have to meet Twitter’s strict internal goals. Earlier this year, the company said it planned to have 315 million profitable daily active users by the end of 2023, and at least double its revenue that year.
Although he has only held the position of CTO of Twitter since 2017, but Mr. Agrawal has worked at this company for more than a decade. He is responsible for developing artificial intelligence and machine learning and leading projects to make Timeline tweets more relevant to users.
CTO Parag Agrawal, who replaced Mr. Dorsey as CEO
Before that, Mr. Agrawal was an intern at AT&T, Microsoft and Yahoo.
In an email posted on Twitter, Mr. Dorsey said he chose Agrawal to lead the company because “based on how deeply you know the company and its needs.“
Last year, Mr. Dorsey was also nearly ousted from the company when Twitter’s major shareholder, Elliott Management, demanded that he be replaced. Billionaire investor and Elliott Management founder Paul Singer was concerned about whether Dorsey could lead both companies. Singer called for Dorsey to step down as CEO of one of the companies before the investment firm reached an agreement with Twitter’s leadership team.
As a co-founder of Twitter in 2006, Mr. Dorsey served as CEO of the social network giant from then until 2008 before being replaced. He then returned to lead Twitter in 2015 after former CEO Dick Costolo stepped down.
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