Jack Dorsey announced today, November 29, that he will step down as CEO of the social network Twitter.
He will be succeeded by Twitter’s current chief technology officer, Parag Agrawal. Dorsey will remain on the board until his term ends in 2022. Agrawal has held the current position since 2017 and has been at Twitter since 2011. In a letter posted on his Twitter account, Dorsey said he was “very sad, but at the same time very happy” to be leaving the company and that the decision was his own. Dorsey has faced several distractions as CEO, starting with the fact that he is also founder and CEO of payments company Square. Critics have also complained that the deal has divided his attention to the detriment of Twitter. Dorsey became CEO of Twitter in 2007, but was forced out of the role the following year and, in 2015, took it back. However, now, he has made the decision on his own to step down as CEO.
In his farewell letter, he said he has “worked hard to ensure that his company can disentangle itself from its founding and founders” and that focusing too much on whether companies are run by their founders is “severely limiting”.
Jack Dorsey the CEO of Twitter has officially resigned this morning pic.twitter.com/F8dpGPta1G
— Jake Lucky (@JakeSucky) November 29, 2021
High profile users
Although Twitter has high-profile users such as politicians and celebrities, and is the network of choice for journalists, its user base lags far behind old rivals such as Facebook and YouTube, and newer ones such as TikTok. It has just over 200 million daily active users, according to a common industry metric. Jack Dorsey is not the first senior member of Twitter to step down as CEO. The company also announced Monday that a new chairman of the board, Bret Taylor, will replace current chairman Patrick Pichette, who will remain a board member. Taylor has been on Twitter’s board since 2016 and is the president and COO of enterprise software company Salesforce. Following the resignation announcement, Twitter shares rose 5% to $49.47.
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