Jack Dorsey resigns from Twitter CEO role

Jack Dorsey resigns from Twitter CEO role

Twitter CEO Jack Dorsey is poised to step down from his position in the social media business, according to CNBC this morning. Dorsey quickly verified the reports, and Twitter published a news release with further information. Dorsey’s replacement will be Parag Agrawal, who joined Twitter as a programmer in 2011 and has served as CTO since 2017.

“There’s a lot of discussion about how important it is for a business to be ‘founder-led,'” Dorsey said in an email to Twitter employees, which he also tweeted. “In the end, I feel it is very restricting and has a single point of failure.” I’ve worked hard to guarantee that this firm can break free from its founders.”

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Dorsey is the CEO of both Twitter and Square, a financial startup that provides payment, cash management, and transfer services to both consumers and businesses.

Dorsey will continue on Twitter’s Board of Directors until his term expires at the 2022 shareholders’ meeting, according to Twitter. Along with Dorsey’s resignation, Salesforce’s president and COO, Bret Taylor, was designated the company’s new Chairman of the Board, following Patrick Pichette, who will stay on the Board and continue to head the Audit Committee.

Dorsey cites Taylor’s appointment to the board as one of the reasons he felt comfortable stepping aside, saying that Taylor “understands entrepreneurship, taking chances, massively scaled organisations, technology, product, and he’s an engineer.”

I’m not sure whether anyone has heard, but

I resigned from Twitter pic.twitter.com/G5tUkSSxkl

— jack

 (@jack) November 29, 2021

Twitter stated that the company’s previously published projections for the fourth quarter and full-year 2021, as well as its 2023 targets, have not changed as a result of these leadership changes.

Twitter’s stock increased 6.1 percent as of the time of writing, despite giving up some early gains in the initial minutes of the week’s trading cycle.

In comparison, Twitter is currently worth roughly $40 billion. To be fair, this is not a little sum, but it is less than half the value of Square, which has a public market value of slightly more than $99 billion.

It takes a lot of effort to run a public firm. Running two is unusual and, we suppose, not easy. Square shares are also up this morning but to a lesser extent. (Twitter has faced investor backlash for its CEO’s divided time.)

Dorsey wrote to his team, “I want you all to know that this was my choice and I own it.” “There aren’t many entrepreneurs that prioritise their company over their ego.” I’m confident we’ll show that this was the proper decision.”

“My faith in Parag as Twitter’s CEO is profound,” he added in a statement hailing his replacement. “Over the last ten years, his work has been transformative.” I owe him a debt of gratitude for his talent, heart, and soul. It is now his turn to lead.”

Agrawal has been in charge of Twitter’s technical strategy and has spearheaded efforts to boost development velocity during his tenure there.

On Twitter, he also improved the status of machine learning. Prior to being named CTO, Parag was named Twitter’s first Distinguished Engineer for his contributions to revenue and consumer engineering, including his role in the business’s re-acceleration of audience growth in 2016 and 2017, according to the firm.

The executive has a Ph.D. in Computer Science from Stanford University as well as a Bachelor’s Degree in Computer Science and Engineering from the Indian Institute of Technology, Bombay.

In a statement, Agrawal said, “I want to thank the Board for their trust in my leadership and Jack for his continuous guidance, support, and cooperation.” “I am very motivated by the prospects ahead, and I look forward to building on what we have done under Jack’s leadership.”

We will provide significant value for our consumers and shareholders as we redefine the future of public discourse by continuing to enhance our performance.”

In a tweet, he also stated that he is dedicated to executing Twitter’s strategy and meeting the business’s “ambitious goals,” but that the firm will face challenges in how it executes its plans and delivers results. On Tuesday, he said, Twitter would have an all-hands meeting featuring a Q&A session for staff.

Deep gratitude for @jack and our entire team, and so much excitement for the future. Here’s the note I sent to the company. Thank you all for your trust and support 

— Parag Agrawal (@paraga) November 29, 2021

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