Twitter CEO and co-founder Jack Dorsey is stepping down as CEO of the social media company, while Twitter CTO Parag Agrawal will replace him as the company’s new CEO, according to company officials.
“I decided to leave Twitter because I believe the company is ready to abandon its founders. I trust Parag deeply as the CEO of Twitter. His work has changed the world over the past 10 years. I am deeply grateful for his skill, heart and soul. It’s time to take over, ”Dorsey said in a statement that helped found the firm in 2006, which was released by the firm on Monday.
According to a press release on Twitter, the San Francisco-based board of directors unanimously approved Agrawal, who has been with the company for more than a decade, as the company’s new CEO.
Dorsey, who is also the CEO of payments company Square, will remain on Twitter’s board until next year, when his term expires, the firm said.
“It was my decision and it belongs to me,” Dorsey wrote, adding that “it was a difficult decision for me.”
Another executive, Bret Taylor, has been named Twitter’s new chairman, while the previous chairman, Patrick Picchett, will remain on the board and chair Twitter’s Audit Committee, according to a press release.
Bret Taylor has been appointed as the new Chairman of the Board of Directors, replacing Patrick Picchett, who will remain on the Board and will continue to serve as Chairman of the Audit Committee. Agrawal has been on Twitter for over a decade and has been CTO since 2017.
Dorsey, 45, faced retirement in 2020 when Twitter stakeholder Elliott Management tried to replace him, as Elliott founder Paul Singer wondered if Dorsey should run Square and Twitter at the same time.
After helping found Twitter with Noah Glass, Biz Stone, and Evan Williams in 2006, Dorsey served as CEO of the company until 2008 when he was fired. He returned to become CEO of the company in 2015 after former CEO Dick Costolo stepped down.
But Dorsey also faced heavy criticism from conservatives and free speech supporters for the platform’s decision to ban former President Donald Trump in January 2021. At the time, Dorsey acknowledged that “this moment in time may require such a dynamic, but in the long run it will be detrimental to the noble goals and ideals of the open Internet.”
For years, Dorsey appeared alongside Facebook CEO Mark Zuckerberg and Google executives during televised Congressional hearings in which elected officials asked if his platform was responsible for spreading so-called “disinformation” or if it actively silenced opposing views. to the mainstream.
Twitter shares rose more than 4 percentage points on Monday following reports of Dorsey’s departure.