Jack Dorsey resigned as Twitter's CEO. Parag Agrawal who is currently the Chef Technology Officer (CTO) will take over the helm of social media with the blue bird icon.
"I have decided to leave Twitter because I believe the company is ready to move on from its founders. My faith in Parag as Twitter's CEO is very deep. His work over the last 10 years has been transformational. I am very grateful for his skills, heart, and soul. he leads, "Dorsey said in a statement.
In an email to staff that he later shared publicly via his tweet, Dorsey said that he believed that Twitter was led by the founders would be very limiting and he considered it a point of failure.
"I want you all to know that this was my decision and I have it," Dorsey wrote. "That was a difficult thing for me, of course. I really liked this service and company ... and all of you. I'm really sad ... but really happy. Not many companies have reached this level. And no. many founders choose their companies over their own egos. I know we will prove that this is the right move. "
Despite resigning as Twitter's CEO, Dorsey will remain a board member until the next shareholders' meeting in 2022.
The 45 -year -old co -founded Twitter with Biz Stone, Evan Williams, and Noah Glass in 2006. He stepped down as Twitter boss in 2008, and set up the Square digital payments app.
Dorsey returned to lead in 2015 after Dick Costolo resigned as CEO of Twitter. Investors have urged Dorsey to step down because he doubles as Square's CEO.
And it looks like the market is supportive, seen when Dorsey announced his resignation, Twitter shares immediately hovered 11%. But despite all that, during his five years of leadership, Dorsey has helped increase the number of Twitter users.
Not only that, he oversees the implementation of various new features aimed at expanding the reach of the service, and most importantly he is firm on the issue of misuse and misinformation.
Turning to the new CEO of Twitte, Agrawal joined the company in 2011 as an advertising engineer. On his way he was assigned as responsible for strategies involving artificial intelligence and machine learning.
His figure is leading a project to make Twitter in users' timelines more relevant to them. Agrawal's career continued to climb until in 2017 he was believed to be the CTO of Twiiter.
“I would like to thank the House for their trust in my leadership and Jack for his continued guidance, support, and partnership,” Agrawal said in a statement, Monday.
"I look forward to building on everything we have achieved under Jack's leadership and I am very excited about the opportunities ahead. By continuing to improve our execution, we will provide incredible value to our customers and shareholders as we reshape the future of public conversation. "
