NEW YORK: Jack Dorsey, the co-founder and chief executive officer of Twitter Inc., is stepping down, ceding the position to the company’s Chief Technology Officer Parag Agrawal.
The move is effective immediately, though Dorsey will stay on the board of the social media company until his term expires in 2022, Twitter said in a statement Monday. “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in the statement. “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.”
Dorsey said Agrawal has been behind every critical decision that helped turn the company around, reports foreign media. In an email to Twitter employees, Dorsey said it was finally the time for him to step down as the company’s chief executive. He said there were three reasons for him to believe it was the right time to leave, one being Parag Agrawal becoming Twitter’s CEO.
Dorsey said that Parag Agrawal has been his choice as next CEO “for some time” given “how deeply he understands the company and its needs”. “He’s curious, probing, rational, creative, demanding, self-aware, and humble. He leads with heart and soul, and is someone I learn from daily. My trust in him as our CEO is bone deep,” Jack Dorsey wrote.