Jack Dorsey is stepping down as Chief Executive of Twitter

Image source, Reuters

Jack Dorsey, the co-founder of Twitter, is retiring as Chief Executive Officer.

Twitter stated that Parag, the chief technical officer at present, will succeed him.

He co-founded Twitter back in 2006. Since then, Mr. Dorsey has served as the CEO of Square and Twitter.

He wrote, “It is finally time for me leave,” in a statement. The company was ready to “move on”

Dorsey stated that he trusted his replacement and was deeply thankful for his heart and skill. He is now ready to take the reins.

Since 2017, Mr. Agrawal has held the position of head technology.

Some investors had pressured Mr Dorsey to resign last year in favor of a chief executive with one focus.

“I Love Twitter”

Twitter shares rose slightly after rumors of him leaving emerged.

As a consequence, trading on the stock market was temporarily stopped.

CNBC first reported news about Mr Dorsey’s departure on Monday. It cited anonymous sources with knowledge of the matter. Separately, Reuters News Agency reported the opposite.

Mister Dorsey tweeted Sunday night, seemingly unprompted, “I Love Twitter!”

The BBC does not have any responsibility for external websites’ content.See original Tweet on Twitter

In 2006, the 45-year old co-founded the business with Evan Williams, Biz Stone and Noah Glass.

However, Mr. Dorsey is now the face of the company. He sent the first tweets via Twitter and has been the chief executive for many years.

He resigned from his position as Twitter Chief in 2008 to start Square Digital Payments, which is now a multibillion-dollar business.

After Dick Costolo’s resignation, however, he was re-appointed to Twitter’s helm in 2015.

His role saw him participate in television inquiries in front of US politicians, where he was asked about his platform’s potential role in disinformation spreading.

Elliott Management, an investment company that owns large amounts of Twitter shares and made calls for him to resign in 2020. According to the firm, a chief executive who was only responsible for one company would have a better impact on Twitter’s future.

However, the parties reached an agreement late last year that allowed Mr Dorsey to remain at his current post.

Along with the change of leadership, there are several changes made to Twitter’s board. Bret Taylor was an established member of the board and a veteran of Google as well as Salesforce. He has been appointed the new chairman.

Taylor stated, “I would like to express my gratitude to Jack for his visionary leadership”

Jack returned to Twitter, and the Company was saved at the worst possible time. It has been an incredible journey.

Jack gave the world an invaluable gift and we will carry that forward.”

Source: BBC.com

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