Twitter's CEO, Jack Dorsey, has resigned, and the company's CTO, Parag Agrawal, has been unanimously chosen as his replacement by the board. According to Reuters, the company's board has been planning for Dorsey's departure since last year. The announcement comes as Twitter has accelerated its product innovation in the last year in order to compete with social media rivals like Facebook and TikTok, as well as meet its goal of doubling annual revenue by 2023.
Dorsey also took to Twitter to explain why he was stepping down as CEO of Twitter after 16 years and why Agrawal was the right person to lead the company he co-founded in 2006. "Because I believe the company is ready to move on from its founders, I've decided to leave Twitter. I have a lot of faith in Parag as Twitter's CEO. His work has had a profound impact over the last ten years. I owe him a debt of gratitude for his talent, heart, and soul.
It is now his turn to lead "Dorsey stated. In a prepared statement, Agrawal said, "I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership." "I am incredibly energized by the opportunities ahead, and I look forward to building on everything we have accomplished under Jack's leadership." According to a press release from Twitter, Agrawal joined the company in 2011 and has been the Chief Technology Officer (CTO) since October 2017. Agrawal rose to become Twitter's first 'Distinguished Engineer' due to his work in revenue and consumer engineering, according to the company.
Aside from Dorsey's departure and Agrawal's appointment as CEO, Twitter also announced that Bret Taylor, a member of the Twitter Board of Directors since 2016, has been named Independent Chair of the Board. In early trading, shares of the microblogging platform were up 9%, while those of digital payments firm Square, of which Dorsey is also CEO, were up 3%. Following that, trading in the shares was halted in anticipation of an expected announcement.