Thursday January 20, 2022

Twitter CEO quits ceding position to an Indian

November 30, 2021

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.

Dorsey said the ambition and potential of Twitter employees also prompted him to say goodbye to the leadership role. Citing Parag Agrawal’s example, Dorsey said that the IIT Bombay alumnus started at Twitter as an engineer “who cared deeply about our work and now he’s our CEO (I also had a similar path...he did it better!)”.

“This alone makes me proud,” he wrote. “I know that Parag will be able to channel this energy best because he’s lived it and knows what it takes. All of you have the potential to change the course of this company for the better. I believe this with all my heart!”

He said that Bret Taylor agreeing to become chair of the company’s board was also the reason behind his resignation. Dorsey added that having Taylor in the leadership role him a lot of confidence in the strength of the board going forward. In the postscript of the email, Dorsey said his one wish is for Twitter Inc to become the most transparent company in the world.