Twitter Chief Executive Officer Jack Dorsey has resign from his role and CTO Parag Agrawal has been unanimously select by the board as New CEO. Twitter’s board has been preparing for Dorsey’s departure since last year, as per Reuters.
As Twitter has accelerate the pace of its product innovation over the past year to compete with social media rivals such as Facebook and TikTok, and to reach its goal of doubling annual revenue by 2023.
Jack Dorsey also tweeted to explain his reasons for stepping down as Twitter CEO after 16 years and why Parag Agrawal was fit to lead the company Dorsey co-founded in 2006.
Jack Dorsey Said :
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. 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,”.
“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,”.
“I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energised by the opportunities ahead”.
Parag Agrawal join Twitter in 2011 and has serve as Chief Technology Officer (CTO) since October 2017, as per a press statement released by Twitter.
Twitter said Parag Agrawal rose to be Twitter’s first ‘Distinguished Engineer’ due to his work across revenue and consumer engineering.
The Indian-origin executive holds a Ph.D. in Computer Science from Stanford University and a Bachelor’s Degree in Computer Science and Engineering from the Indian Institute of Technology, Bombay.
In addition to Jack Dorsey’s departure and Parag Agrawal taking over as Twitter CEO, the company also announced that Bret Taylor, a member of the Twitter Board since 2016, has been name Independent Chair of the Board.
Shares of Twitter surged 9% in early trading, while those of digital payments firm Square, of which Jack Dorsey is also chief executive, were up 3%.
Trading in the shares was then suspend ahead of an expected announcement.
In his tweet on 28th November 2021, Dorsey said: “I love twitter”. The “likes” on that tweet surge to more than 54,000.
Jack Dorsey face calls from Elliott Management Corp to step down, after the hedge fund argue that he was paying too little attention to Twitter while also running payments processing company Square Inc.
Jack Dorsey fended off the pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter’s board.
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