It’s official. After reports earlier on Monday that Twitter CEO Jack Dorsey was stepping down, the company has confirmed his exit.
Dorsey will step down with immediate effect, to be replaced by Parag Agrawal, who has served as the social media company’s chief technology officer since 2017. Agrawal has been with Twitter for more than a decade.
Dorsey will remain a member of the board until his term expires at the 2022 meeting of stockholders, Twitter said in a statement.
“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 in a statement.
In early 2020, Dorsey faced calls from Elliott Management to step down after the hedge fund argued he was paying too little attention to Twitter while also running payments processing company Square.
Dorsey fended off this pressure by giving Elliott and its ally, buyout firm Silver Lake Partners, seats on Twitter’s board. — (c) 2021 NewsCentral Media, with additional reporting by Subrat Patnaik, (c) 2021 Reuters
