TOafter anonymous sources told CNBC about the possibility of stepping down as CEO of Twitter, Jack Dorsey resigned.
Dorsey Co-founded Twitter and served as CEO for two terms (2007 and 2015-present).
In a public statement, Dorsey said that Parag Agrawal takes his place as CEO. This decision was made because Agrawal “understands the company and its needs.”
Dorsey will not completely separate Twitter… He will continue to be a member of the board of directors until the expiration of his term.
“I’m going to serve on the board of directors throughout the term to help Parag and Bret make the transition,” Dorsey said.
Leaving Twitter was his decision, Dorsey said.
Twitter shares are up 5% since the announcement.
Jack Dorsey is also a top manager in Square, a finance company created by Dorsey.
There was reportedly uncertainty about Dorsey’s leadership in Square and Twitter… Investors did not believe that he would be effective in both companies as a top manager.
Who is Parag Agrawal?
The new CEO of Twitter, Parag Agrawal arrived in 2011 on Twitter. I have worked for Microsoft Research and Yahoo Research.
In October 2018, he was named CTO of Twitter. He was responsible for machine learning, artificial intelligence, and technical strategies for Twitter.
Agrawal posted a public letter of thanks Jack Dorsey for the new position he holds.
“I am flattered and humble. And I am grateful for your continued mentorship and friendship, ”Agrawal said. “I joined the company 10 years ago when it had fewer than 1,000 employees,” Agrawal said.
“I walked in your place. I’ve seen ups and downs, challenges and obstacles, victories and mistakes. But then and now, above all, I see the incredible influence of Twitter, our constant progress and exciting opportunities ahead. “