Thursday, 20 January 2022

Jack Dorsey steps Down as CEO of Twitter

Jack Dorsey steps Down as CEO of Twitter

Jack Dorsey, Twitter Chief Executive Officer, has resigned from his role, and the board has unanimously selected company CTO Parag Agarwal as his successor. Since last year, the company board has been preparing for Dorsey's departure, and a source told.

The news comes as Twitter has to hurry up the pace of its product innovation over the past year to participate with social media rivals such as Facebook and TikTok and reach its goal of double the annual revenue by the year 2023.

Jack Dorsey also tweeted to explain his reasons for stepping down as Twitter CEO after 16 years and why Agarwal was fit to lead the company, which Dorsey co-founded in 2006.

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"I've decided to leave Twitter platform because I believe the company is ready to move on from its inventor. My trust in Parag as CEO o is deep. His work over last past 10 years has been transformational. I'm very grateful for his skill, heart, and soul. It's his time to lead,"

"I want to thank to Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership," said Agrawal in a prepared statement. "I look forward to build on everything we have accomplished under Jack's leadership and I am incredibly energised by the opportunities ahead."

Parag Agarwal joined Twitter in 2011 and has served as Chief Technology Officer (CTO) since October 2017, as per a press statement released by Twitter. Before being appointed CTO, the company said Agarwal rose to be Twitter's first 'Distinguished Engineer' due to his work across revenue and consumer engineering. The Indian-origin executive Agarwal holds a Ph.D. in Computer Science from Stanford University and a Bachelor's Degree in Comp Science and Engineering from the Indian Institute of Technology, Bombay.

In addition to Dorsey's departure and Agarwal taking over as Twitter CEO, the company also announced that Bret Taylor, a Twitter board member since 2016, has been named Independent Chair of the Board.

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