Twitter has announced that Jack Dorsey has decided to step down as the company’s Chief Executive Officer (CEO) and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the Board, effective immediately.
In a tweet, Jack Dorsey also revealed that he already resigned as Twitter’s CEO, now leaving the company after almost 16 years of service. He also shared a screen capture of his email sent to the company.
“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,” said Dorsey.
Moreover, Bret Taylor was named the new Chairman of the Board, succeeding Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee.
Furthermore, Twitter’s new CEO Parag Agrawal has been with Twitter for more than a decade and has served as Chief Technology Officer (CTO) since 2017. Prior to being appointed CTO, Parag had risen to be Twitter’s first Distinguished Engineer due to his work across revenue and consumer engineering, including his impact on the re-acceleration of audience growth in 2016 and 2017. Parag 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.
Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders.