Twitter CEO, Jack Dorsey has confirmed he will step down from his executive position. The announcement has since sent Twitter’s shares soaring by more than 11%.
Dorsey is also the CEO of Square, his digital payment startup. Elliott Management, a Twitter shareholder, had planned to replace Dorsey as CEO in 2020 before reaching an agreement with the company’s management.
Paul Singer, the founder of Elliott Management and a billionaire investor, had questioned whether Dorsey could oversee both public companies, pushing on him to step down as CEO of one of them.
What they are saying
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,”
Bret Taylor, Twitter’s incoming Independent Board Chair said, “On behalf of the Board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”
Taylor noted, “Parag understands Twitter and appreciates the Company’s unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he’ll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag.”
In comes Parag Agrawal
Parag Agrawal, Twitter’s CTO, has been unanimously appointed as CEO and a member of the Board by the company’s Board of Directors.
Agrawal joined Twitter in October 2011 and has held several positions at the company. In 2017, he was appointed the Chief Technology Officer of Twitter. Bret Taylor will take over as Chairman of the Board of Directors.
Speaking on his appointment, Parag Agrawal, Twitter’s new CEO said, “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 energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”
