Twitter CEO Jack Dorsey has resigned from his role and the company’s CTO Parag Agarwal has been unanimously chosen by the board as his successor. A source told Reuters that the company’s board has been preparing for Dorsey’s departure since last year. The news comes as Twitter has accelerated the pace of its product innovation over the past year to compete with social media rivals such as Facebook and TikTok and reach its goal of doubling annual revenue by 2023.
Dorsey tweeted to explain his reasons for stepping down as CEO of Twitter after 16 years, and why Agarwal was fit to lead the company Dorsey co-founded in 2006.
“I have decided to leave Twitter because I believe the company is ready to move on from its founders. I have deep trust in Parag as CEO of Twitter. His work over the past 10 years has been transformative. I Deeply grateful for his skill, heart and soul. It is time for him to lead,” Dorsey said.
Not sure if anyone has heard but,
i quit twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
Trading in the shares was suspended ahead of the expected announcement.
In his tweet on 28 November, Dorsey said: “I love Twitter”. The “likes” on that tweet grew to more than 54,000 on Monday.
CNBC was the first report good Dorsey’s move.
In early 2020, Dorsey faced calls from Elliott Management Corp. to step down after the hedge fund argued he was paying too little attention to Twitter while running payments processing company Square Inc.
Dorsey faced pressure by giving Elliott and his affiliate, buyout firm Silver Lake Partners, seats on Twitter’s board.