Twitter co-founder Jack Dorsey has announced his resignation as CEO of the social media company, effective immediately.
Dorsey announced the news today (November 29) via a tweet, in which he announced that current Chief Technology Officer (CTO) Parag Agrawal would be taking over as CEO.
âThereâs a lot of talk about the importance of a company being âfounder-ledâ. Ultimately I believe thatâs severely limiting and a single point of failure. Iâve worked hard to ensure this company can break way from its founding and founders,â Dorsey said in a company-wide email that he shared on Twitter.
He then went on to list three factors for his resignation, with Parag taking over as CEO being the first. âHeâs been my choice for some time given how deep he understands the company and its needs,â he said, adding: “My trust in him as our CEO is bone deepâ.
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack
(@jack) November 29, 2021
Dorsey then listed Bret Taylor becoming the companyâs board chair and the Twitter teamâs capabilities as additional reasons for his leaving. He also announced that he will continue to serve on the board until âMay-ishâ to âhelp Parag and Bret with the transitionâ and will leave the board thereafter.
His resignation follows Twitter stakeholders Elliott Management and billionaire investor Paul Singer calling on him to resign from his role as CEO of either Twitter or Square, as they were worried that he was stretched too thin between the two companies.
Following Dorseyâs announcement, newly appointed CEO Parag Agrawal shared his own email response, thanking Jack for his âcontinued mentorshipâ and for âleading the company through really significant challengesâ.
Earlier this year Michael Stipe criticised Dorsey, over his failure to not suspend the account of former US President Donald Trump sooner, following the storming of Capitol Hill.
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