Jack Dorsey has stepped down as CEO of Twitter, the social media company he co-founded about a decade and a half ago.
Twitter made the announcement on Monday, November 29, 2021.
He will be replaced by an old board member and current chief technology officer, Parag Agrawal, who joined Twitter in 2011 and has been serving as the CTO since 2017. Dorsey will remain a member of the board until his term expires at next year’s share holders meeting, Twitter said.
Mr Dorsey, who co-founded Twitter in 2006, has been serving as chief executive of both Twitter and payment firm Square.
Dorsey said in a statement release by Twitter “It’s finally time for me to leave” saying the company was “ready to move on.”
Dorsey said he had “deep” trust in his replacement. “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,” he said.
Mr Parag Agrawal joined Twitter in 2011, and has been the firm’s head of technology since 2017.
He said “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 wrote in an attached email he sent to staff.
He added that he would leave the board after his term expires.
“Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead, He concluded.