Dorsey was a co-founder of Twitter and served as CEO twice (2007 and from 2015 until now).
Dorsey said in a public announcement that Parag Agrawal will take over as CEO. Agrawal was chosen because he “understands the organization and its demands.”
Dorsey will not be fully removed from Twitter. He will continue to serve on the board until his tenure expires.
“I’m going to stay on the board for the duration of my term to assist Parag and Bret with the transition,” Dorsey stated.
Dorsey stated that his choice to leave Twitter was his own.
Twitter shares surged by 5% on the news.
Jack Dorsey is also the CEO of Square, a financial company he founded.
According to sources, Dorsey’s leadership at Square and Twitter was in doubt. Investors do not feel he will be produced as a senior executive in both firms.
Who exactly is the new CEO of Twitter?
Parag Agrawal, the new Twitter CEO, joined the company in 2011. He worked for Microsoft Research as well as Yahoo Research.
He was designated Twitter’s CTO in October 2018. He was in charge of Twitter’s machine learning, artificial intelligence, and technological strategy.
Agrawal published a public letter in gratitude to Jack Dorsey for the new position that he is taking.
“I am honored and humbled. And grateful for your continued mentorship and your friendship,” Agrawal said. “I joined the company 10 years ago when there were fewer than 1,000 employees,” Agrawal said.
“I’ve walked in your shoes. I’ve seen the ups and downs, the challenges and obstacles, the wins and the mistakes. But then and now, above all else, I see Twitter’s incredible impact, our continued progress, and the exciting opportunities ahead of us.”