Twitter co-founder Jack Dorsey is stepping down as chief government workplace (CEO) of the social media platform, the corporate introduced. He can be succeeded by Twitter’s present chief know-how officer (CTO), Parag Agrawal.
Dorsey will stay on the board till his time period expires in 2022. Agrawal joined Twitter in 2011 and has been CTO since 2017.
In a letter posted on his Twitter account, Dorsey mentioned he was “really sad […] yet really happy” about leaving the corporate and that it was his resolution.
On Sunday, Dorsey had despatched a cryptic tweet studying solely “I love Twitter”.
Twitter shares rose 5 per cent to $49.47 in morning buying and selling after the announcement.
Twitter was caught up within the heated political environment main as much as the 2020 election, notably when it banned former president Donald Trump following his incitement of the Jan 6 riot on the US Capitol.
Dorsey defended the transfer, saying Trump’s tweets after the occasion resulted in a threat to public security and created a unprecedented and untenable circumstance for the corporate. Trump sued the corporate, together with Fb and YouTube, in July for alleged censorship.
Dorsey has confronted a number of distractions as CEO, beginning with the truth that he’s additionally founder and CEO of the funds firm Sq.. Some massive traders have brazenly questioned whether or not he may successfully lead each firms.
Final yr, the corporate got here to an settlement with two of these activist traders that stored Dorsey within the high job and gave a seat on the corporate board to Elliott Administration Corp, which owned about 4pc of Twitter’s inventory, and one other to Silver Lake.
Whereas Twitter has high-profile customers like politicians and celebrities and is a favorite of journalists, its person base lags far behind outdated rivals like Fb and YouTube and newer ones like TikTok. It has simply over 200 million every day lively customers, a typical trade metric.
The early days of Twitter started with a tweet despatched by Dorsey on March 21, 2006, that learn: “just setting up my twttr.”
Twitter went by means of a interval of sturdy development throughout its begin, however as the expansion slowed the San Francisco firm started tweaking its format in a bid to make it simpler and extra participating to make use of.
Dorsey grew to become Twitter CEO in 2007, however was pressured out the next yr. He returned to the function in 2015.
In his goodbye letter, Dorsey mentioned he has labored onerous to make sure this firm can break free from its founding and founders and that to focus an excessive amount of on whether or not firms are led by their founders is “severely limiting”.
Twitter additionally introduced on Monday a brand new board chairman, Bret Taylor, to exchange its current chair, Patrick Pichette.
Pichette will stay on the board. Taylor has been on Twitter’s board since 2016 and is the president and COO of enterprise software program firm Salesforce.