Jack Dorsey, the founder and CEO of Twitter, has chosenÂ to stand down from his position. In a tweet, Dorsey announced that Parag Agarwal will take over as CEO shortly.
As he prepares to depart Twitter, Jack Dorsey revealed his entire email to his colleagues on November 29. His ‘only wish is for Twitter Inc to be a transparent company,’ he wrote.
Dorsey’s exit, who has been working since 2015 as Twitter’s chief executive, will take effect immediately. To ensure stability, he will stay on the Board of Directors until about May 2022.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement. The 45-year-old outgoing CEO expressed faith in his successor, Agrawal, who had joined Twitter in 2011 and was appointed as the company’s CTO in 2017.
“My trust in Parag as Twitter’s CEO is deep. His work over the past ten years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” Dorsey said.
Why did he step down?
Here is the full text.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jackâš¡ï¸ (@jack) November 29, 2021
The speculation started with Dorsey tweeting something strange, saying simply “I love Twitter” on Sunday.
I love twitter
— jackâš¡ï¸ (@jack) November 28, 2021
Following the announcement, Twitter’s stock surged 5% to $49.47 in morning trading.
Twitter was swept up in the tumultuous political climate building up to the 2020 election, especially when it barred previous President Donald Trump from inciting the riot at the US Capitol on January 6.
Dorsey justified the action, claiming that Trump’s remarks aftermath put the public’s safety in danger and put the firm in an unusual and intolerable situation. In July, Trump filed a lawsuit against the business and Facebook and YouTube, alleging censorship.
As CEO, Dorsey dealtÂ with complications, the first of which is his dual role as founder and CEO of Square, a payments company. Some significant shareholders expressed doubts about his ability to run both enterprises properly.
Who is Parag Agarwal?
Parag Agrawal, a former Chief Technology Officer of Twitter and an IIT Bombay alumnus, became the company’s CEO on Monday.
Parag began his career as an ads engineer at Twitter ten years ago. In 2018, he was named CTO of Twitter, where he led the company’s AI/ML strategy throughout infrastructure and product divisions.
Parag reverted to the same email, thanking Jack for his friendship and mentorship. Both Jack and Parag have posted screenshots of their texts to the team and each other. And it appears to be entirely credible just ‘giving the responsibility”.
Deep gratitude for @jack and our entire team, and so much excitement for the future. Hereâ€™s the note I sent to the company. Thank you all for your trust and support ðŸ’™ https://t.co/eNatG1dqH6 pic.twitter.com/liJmTbpYs1
— Parag Agrawal (@paraga) November 29, 2021
Parag explained that the organisation has modified its strategy to be “bold and right” to achieve aspirations. The critical task ahead is execution. On Tuesday, Twitter will have a one-and-all meeting with time for questions and debate.