Twitter has today announced that Jack Dorsey has decided to resign as CEO and that the Board of Directors has unanimously appointed Parag Agrawal as CEO and a member of the Board of Directors, effective immediately.
“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,” said Dorsey.
Dorsey will remain on the Board of Directors until the 2022 annual meeting of stockholders, when his term will come to an end. Bret Taylor has been appointed as the next Chairman of the Board, succeeding Patrick Pichette, who will remain on the Board and chair the Audit Committee.
Bret Taylor, Twitter’s incoming Independent Board Chair said, “On behalf of the Board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”
Agrawal, the new CEO, will have to satisfy Twitter’s ambitious internal goals. The firm stated earlier this year that by the end of 2023, it hopes to have 315 million monetizable daily active users and to have more than doubled its annual income.
Agrawal has been the CTO of Twitter since 2017. He has been with the company for over a decade. He was in charge of artificial intelligence and machine learning strategies, as well as programs aimed at making tweets in users’ timelines more relevant to them.
Dorsey said in an email he published on Twitter that Agrawal has been his choice to lead the company “for some time given how deeply he understands the company and its needs.”
According to a top official at Square, Jack Dorsey will remain at the company’s top spot having co-founded the financial services and digital payments company in 2009.