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Jack Dorsey, Twitter’s chief executive officer, had resigned from his post. The news emerged on Nov. 29, and it was initially shared by insiders.
CNBC was the first to report about Dorsey’s departure as Twitter’s chief. A source was said to have told the media outlet’s financial journalist and market news analyst, David Faber, that the executive is stepping down from his high-ranking role in the company.
The 45-year-old executive is also the CEO of Square, the digital payments firm that he owns. When it was first reported that he was leaving Twitter, there was no official confirmation yet from either Dorsey or Twitter, but later, the social media giant affirmed the news through a press release. The executive also posted a letter on his Twitter account to reveal that he resigned and it was his own decision.
"I have decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey stated in the release. “My trust in Parag as Twitter's CEO is deep. His work over the past 10 years has been transformational. I am deeply grateful for his skill, heart, and soul. It's his time to lead."
not sure anyone has heard but,
— jack⚡️ (@jack) November 29, 2021
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
As he mentioned in the statement, he will be replaced by the company’s chief technology officer, Parag Agrawal. He was said to have been unanimously appointed by Twitter’s board.
Agrawal is expected to take over now as Dorsey is leaving the company immediately. Then again, it was reported that the outgoing chief will remain a member of the board until next year.
For his appointment, Agrawal thanked the Board for their confidence in his leadership. He also expressed gratitude to Dorsey for his “continued mentorship, support, and partnership." The new chief said he would continue to build on everything that Twitter has accomplished under Dorsey’s guidance and leadership.
Jack Dorsey was Twitter's CEO for two separate periods, and these were - from 2006 to 2008 and from 2015 to 2021. He assumed the role for the second time in 2015 after Dick Costolo vacated his post. Finally, shares of both Twitter and Square shot up after the news of Dorsey’s departure spread online.
