Jack Dorsey was stepping down as the CEO of Twitter.
JACK DORSEY — The Twitter co-founder announced on Monday that he’s stepping down as Chief Executive Officer (CEO) of the social media network.
He made the statement over a year after he survived a bid to oust him by an activist investor.
Dorsey, who was also the chief executive of payments company Square, came under pressure in 2020 from Elliott Management amidst concerns he had spread himself too thin by running both firms.
“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement. “My trust in Parag as Twitter’s CEO is deep… It’s his time to lead.“
Dorsey was referring to Twitter’s Chief Technical Officer (CTO) Parag Agrawal.
The company said that Agrawal will replace Dorsey in the top position. Dorsey will remain a member of the board until his term expired at the 2022 meeting of stockholders.
not sure anyone has heard but,— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
In March 2020, Twitter made a deal with key investors in order to end an effort to oust the chief, creating a new committee on the board of directors in order to keep tabs on company leadership.
Dorsey was credited with coming up with the idea for the company when eventual co-founder Evan Williams gave workers at Odeo two weeks to work on fun new projects as a way to break up the daily routine.
He ran Twitter in 2007-2008 but returned as the Chief Executive Officer after Dick Costolo resigned in June 2015.
Agrawal joined Twitter in 2011 and had served as chief technology officer (CTO) since October 2017 where he’s responsible for the network’s technical strategy.
Agence France-Presse reported that Twitter’s incoming CEO held a PhD in computer science from Stanford University and also held a bachelor’s degree in computer science and engineering from the Indian Institute of Technology in Bombay.