Dorsey resigns as Twitter CEO, focuses on Square
Jack Dorsey has announced his resignation from big tech company and social networking platform— Twitter following 16 years of serving as the Chief executive officer of the company he co-founded.
On Monday 29th November, Dorsey tweeted: “Not sure anyone has heard but, I resigned from Twitter.”
Hereon, Dorsey will focus primarily on his financial services and digital payments company, Square which he founded in 2009.
Dorsey is to be replaced by Parag Agrawal after the Board of Directors unanimously appointed him as CEO and member of the Board with immediate effect. Agrawal has been with Twitter for more than a decade and has served as Chief Technology Officer since 2017.
Dorsey stated further: “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.”
Dorsey will remain a member of the Board until his term expires at the 2022 meeting of stockholders. Bret Taylor was named the new Chairman of the Board, succeeding Patrick Pichette who will remain on the Board and continue to serve as chair of the Audit Committee.
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