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Jack Dorsey steps down from CEO position at Twitter

By Sanuj Bhatia November 30, 2021, 11:15 am
jack dorsey steps down as CEO Source: Money Control

In a shocking move, yesterday, Twitter CEO Jack Dorsey announced that he is stepping down from the position of CEO of the company. The news was first reported by CNBC's David Faber, who, at the moment of reporting, said that Jack could step down as Twitter's CEO "in the near term." The decision was, of course, confirmed by Jack himself later in the day.

Jack Dorsey was appointed as CEO of Twitter back in 2015. Under his term, Twitter saw its growth, from nearly 300 million users five years ago to 400 million in 2021. Under Dorsey's reign, the company launched its first-ever paid subscription called Twitter Blue. Jack has now decided to step down from the position of CEO.

The move was later confirmed by Jack himself on Twitter where he said that "I resigned from Twitter." It was confirmed by the company's press release as well. In the press release, Dorsey says, “I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

In a letter to the employees (via The Verge), Dorsey said:

Why not stay or become chair? I believe it’s really important to give Parag the space he needs to lead. And back to my previous point, I believe it’s critical a company can stand on its own, free of its founder’s influence or direction.

I want you all to know that this was my decision and I own it. It was a tough one for me, of course. I love this service and company...and all of you so much. I’m really sad...yet really happy. There aren’t many companies that get to this level. And there aren’t many founders that choose their company over their own ego. I know we’ll prove this was the right move.

Parag Agarwal, Twitter's current CTO, will replace Dorsey as CEO of Twitter effective immediately. Though the press release says that Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders. Twitter board's chairman Bret Taylor has said that Parag Agarwal has been "instrumental" in tackling Twitter's important priorities and has added that "he'll hit the ground running." In addition, Taylor also noted, "The Board has the utmost confidence in Parag."

Parag has been in charge of Twitter's strategies involving artificial intelligence and machine learning. He joined the company in 2011 as a part of Twitter Ads and then was appointed as CTO in 2017. He also played an important role in the appointment of Tess Rinearson as the in charge of Twitter's exploring of decentralized social networks. On his appointment, Agarwal in a press release said:

I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership. I look forward to building on everything we have accomplished under Jack's leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.

Source: Press Release | Via The Verge 1, 2, CNBC

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